BREAKING: The US Consumer Sentiment Index fell 6.8 points to 57.9 in March, the lowest since November 2022. This was well below consensus estimates of 63.0 points. This also marked the third-consecutive monthly decline for a total 16.1 points. The decline was particularly driven by consumer expectations about the economy which dropped 9.8 points, to 54.2, the lowest since July 2022. To put this into perspective, in 2008 the Consumer Sentiment Index bottomed at 55.3, or just 2.6 points below current levels. Many Americans believe the economy is in a recession.