Consumers have been gloomy about the economy for a while. That hasn’t translated to a pullback in spending yet—but uncertainty over recent policy changes could change that.

While Michigan’s survey often shows sharp partisan differences in sentiment, the March survey found a 10% decline in future expectations among Republicans. The sentiment among Democrats was off by 24%, while among independents it was down 12%.

US consumer sentiment fell to a more than two-year low and long-term inflation expectations jumped by the most since 1993, illustrating growing apprehension about the economic impact from tariffs.