“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 [and] showed consumers more worried over the path ahead for the economy than economists had expected.” https://www.nytimes.com/2025/02/21/business/stock-market-declines-trump.html?smid=nytcore-ios-share
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We’ve seen this coming for awhile now and a major recession is bound to hit rapidly.
Other govts are already prepping for it for their 4Q.