The threat of indiscriminate tariff hikes by President Donald Trump appears to be causing concern among consumers. The Conference Board, an economic research group, reported on the 25th that the Consumer Confidence Index for February fell to 98.3, a 7-point drop from January. This figure significantly undershot Wall Street expectations (102.3), marking the lowest level since June of last year and the largest monthly decline since August 2021. The Expectations Index, which reflects consumers’ short-term outlook on business and labor market conditions, dropped 9.3 points from the previous month to 72.9. This is the first time in eight months, since June 2024, that the Expectations Index has fallen below the 80 threshold, considered a warning sign for recession risks. This indicates that consumers’ economic outlook has turned increasingly pessimistic.