Consumer sentiment dropped in March, with the University of Michigan’s survey showing a 10.5% decline to a mid-month reading of 57.9, the lowest since November 2022.

Concerns over inflation and a falling stock market, compounded by President Trump’s tariffs on aluminum, steel, and European goods, fueled the drop.

The expectations index fell sharply, while the one-year inflation outlook increased to its highest level since November 2022.

Despite the negative sentiment, stocks remained steady, and Treasury yields rose, CNBC has reported.

Consumer sentiment fell across all demographics and political affiliations, with many citing uncertainty over economic policies.

Written by B.C. Begley