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Business & Economy
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Business & Economy
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Consumer confidence dips in Trump’s first month
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A new survey found that consumers’ attitude toward the economy dipped during President Trump’s first month in office amid concerns that tariff hikes could spur inflation.
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Consumer sentiment fell nearly 10 percent, dropping from 71.7 in January to 64.7 in February in the University of Michigan’s monthly consumer survey.
At the same time, expectations for inflation in the next year have jumped from 3.3 percent to 4.3 percent, while long-run inflation expectations rose from 3.2 percent to 3.5 percent.
“What we’re seeing is a very broad-based conclusion or opinion among consumers that inflation is going to pick up in the year ahead as well as the next five years,” Joanne Hsu, director of the monthly survey, told Yahoo Finance. “It was a pretty large month-over-month increase for both short and long run expectations.”
“It’s not necessarily cause for panic at this moment, but these expectations are clearly being driven over concerns over policy, concerns that tariffs are going to lead to price hikes,” she continued.
Trump has announced a bevy of new tariffs in recent weeks despite warnings from economists that raising fees on imports will likely lead to higher prices for Americans.
The president signed off on 25 percent tariffs on Mexico and Canada in early February. However, they were ultimately delayed one month after both countries announced steps to stem the flow of drugs at their respective borders.
The Hill’s Julia Shapero digs deeper here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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The alleged “client list” of disgraced financier and convicted sex offender Jeffrey Epstein is on Attorney General Pam Bondi’s desk, she said in an interview Friday, making the elusive document one step closer to potential public release.
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The Department of Justice (DOJ) said Thursday it is planning to drop its lawsuit against Elon Musk’s SpaceX, which alleged the company discriminated against refugees and asylees during the hiring process.
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American billionaire Frank McCourt said his nonprofit initiative Project Liberty would create a more secure TikTok if it were to purchase the social media platform.
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Senate adopts budget resolution after marathon overnight vote-a-rama
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The Senate adopted a budget resolution Friday intended to serve as a blueprint to deliver the first part of President Trump’s agenda, including an extension of the 2017 Trump tax cuts.
Senators voted 52-48, mostly along party lines, on the resolution after a marathon overnight voting session. Sen. Rand Paul (R-Ky.) voted against the measure.
The resolution helps pave the way for Republicans to pass roughly $340 billion in funding, including $175 billion in for border operations and immigration enforcement and to carry out Trump’s ambitious deportation plans, as well as $150 billion in defense spending.
The vote serves as a marker for Senate Republicans in their ongoing battle with the House GOP over the best way to deliver on Trump’s top priorities, which include a renewal of key provisions of the Tax Cuts and Jobs Act and several other Trump campaign tax promises.
— Read more here.
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Upcoming news themes and events we’re watching:
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- House GOP leadership is planning to hold a vote on their budget resolution next week, as both chambers ramp up efforts to advance key parts of President Trump’s legislative agenda.
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Branch out with more stories from the day:
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NEW YORK (AP) — U.S. stocks fell sharply Friday after reports showed that worries among consumers …
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Business and economic news we’ve flagged from other outlets:
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- Dow drops 700 points for worst day of 2025 so far on new fears about economic growth (CNBC)
- Tesla recalls 380,000 vehicles in US over power steering assist issue (CNN)
- US Treasuries End Week on High Note on Demand for Safer Bets (Bloomberg)
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Top stories on The Hill right now:
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Enrique Tarrio, the former national chairman of the Proud Boys, was arrested by U.S. Capitol Police on Friday following a press conference with other Proud Boys members and Oath Keepers’ founder Stewart Rhodes. Read more
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President Trump and Maine’s Democratic Gov. Janet Mills briefly quarreled Friday at a National Governors Association session at the White House after Trump told a meeting of Republican governors he would withhold federal funding from the state over its refusal to comply with an executive order … Read more
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You’re all caught up. See you next week!
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