TRUMP’S POLICIES ARE KILLING GROWTH 2/3

Economic activity indicators from the New York and Richmond Feds have fallen to their lowest levels since early 2021. The composite PMI remains at a growth threshold of 53.5, but manufacturing has dipped below 50, and political uncertainty is clearly affecting industrial and consumer sentiment. Consumer confidence has dropped to its lowest point since January 2021, pointing to a negative outlook for domestic demand in the second quarter.