Tariff concerns weighed on the economic outlook, and U.S. consumer confidence plunged to a near five-year low in April

April 29 - The U.S. Conference Board Consumer Confidence Index fell to a near five-year low in April as growing concerns over tariffs weighed on the economic outlook. The U.S. Conference Board data showed consumer confidence fell 7.9 points to 86.0 in April, the lowest level since May 2020. "Consumer confidence fell for the fifth straight month in April to its lowest level since the COVID-19 pandemic outbreak," said Stephanie Guichard, senior economist for global indicators at the Conference Board. U.S. GDP data out tomorrow is expected to show a sharp slowdown in Quarter 1 economic growth as imports surged as businesses rushed to import goods to avoid higher costs from tariffs. Consumer spending is also likely to slow sharply, weighed down by stubbornly high inflation and concerns about the economic impact of tariffs, which will prompt some households to cut consumption to save.