Last week, the University of Michigan Surveys of Consumers reported that the Consumer Sentiment Index fell to 52.2 in April, a sharp decline from 57.0 in March—marking its lowest reading since July 2022. Consumer expectations also fell to 47.3 in April, down from 52.6 in March.  Uncertainty surrounding tariff impacts, weaker wage growth anticipations, and higher inflation expectations, the highest since 1981, continues to weigh on consumer sentiment, highlighting uncertainty about the broader economy.