Consumer sentiment plunged in March

Consumer sentiment is at its fourth-lowest mark in more than 70 years.

Transcript

00:00Consumer sentiment is dropping at a record rate. That's according to the most recent survey released

00:05by the University of Michigan. Sentiment dropped 8% from March to April, giving a final tally of

00:1052.2%. That's the fourth lowest mark in more than 70 years. As for why consumer sentiment has

00:17plummeted, the survey said consumers perceived risks to multiple aspects of the economy,

00:22in large part due to ongoing uncertainty around trade policy and the potential for a resurgence

00:26of inflation looming ahead. That uncertainty, of course, refers to tariffs, and the Trump

00:31administration's trade policies are now spilling into the other parts of the economy. The Federal

00:36Reserve is grappling with what to do with interest rates. Minneapolis Fed President Neil Kashkari said

00:41the central bank is in wait and see mode when it comes to seeing how the tariffs will affect

00:45inflation. However, this month's sentiment report did not factor in the reaction to the 90-day pause

00:50President Trump authored on April 9th. That'll do it for your daily briefing. From New York City,

00:54I'm Kelsey Barbario with The Street.