Trump crash economy

Trump’s plan to raise prices after winning a narrow victory in which inflation was the #1 issue is causing some buyer’s remorse:

Stocks slumped on Friday, with the S&P 500 wiping out almost all of its gains since President Trump took office last month, after a widely watched measure of how consumers feel about the economy showed mounting fears over stubborn inflation.

The S&P 500 fell 1.7 percent, adding to a modest dip on Thursday and notching the worst week of Mr. Trump’s second term, which began five weeks ago. The index is now just 0.3 percent higher since Inauguration Day. Other stock indexes also fell, with the tech-heavy Nasdaq Composite dropping over 2 percent on Friday.

Fueling the decline was an unexpected drop in the University of Michigan’s consumer sentiment index, which slumped to its lowest level in more than a year in February. The index showed consumers more worried over the path ahead for the economy than economists had expected.

The survey showed consumers expecting that prices for goods and services would rise at an annual rate of 3.5 percent over the next five to 10 years, the most since 1995. Consumers are wary of spending on big-ticket items, and more than half of the survey respondents expect the unemployment rate to rise over the next year.

Huh, apparently bringing in the world’s richest man to do a bunch of indiscriminate mass layoffs does not produce confidence in the job market!

I miss Joe Biden’s America, where you could buy eggs.

Wholesale price for a dozen large white eggs is on the version of hitting $8, per USDA data.

[image or embed]— Catherine Rampell (@crampell.bsky.social) February 19, 2025 at 5:53 PM