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President Donald Trump's volatile tariff threats are unleashing historic jumps in public anxiety, with the potential to undermine his pledges to strengthen a U.S. economy that is increasingly weakened. The University of Michigan's index of consumer sentiment tumbled 10.5% on a monthly basis in March and plunged 27.1% over the past year. The preliminary report released Friday shows that consumers’ expectations of annual inflation climbed to 3.9% from 3.5%, the largest monthly jump since 1993.

The Michigan Consumer Sentiment Index dropped to 57.9 in March, falling well below expectations to hit its lowest levels since 2022 as inflation expectations shot up again on tariff worries.

WASHINGTON (Reuters) -U.S. consumer sentiment plunged to a nearly 2-1/2-year low in March and inflation expectations soared amid worries that President Donald Trump's sweeping tariffs, which have ignited a trade war, would boost prices and undercut the economy. The deterioration in sentiment and inflation expectations reported by the University of Michigan Surveys of Consumers on Friday was across political party affiliation, with consumers saying "frequent gyrations in economic policies make it very difficult for consumers to plan for the future."

The precious metal was on track for a second straight week of gains.

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The central bank terminated its enforcement action last week, about three months after the Office of the Comptroller of the Currency dropped its consent order against the lender.

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