U.S. consumer confidence continued its sharp 2025 decline as Americans’ views about their financial futures slumped to a 12-year low, driven by rising anxiety over tariffs and inflation.

The Conference Board reported Tuesday that its consumer confidence index fell 7.2 points in March to 92.9, the fourth straight monthly decline and its lowest reading since January of 2021. The reading was short of analysts expectations for a reading of 94.5, according to a survey by FactSet.

The business group found that the measure of Americans’ short-term expectations for income, business and the job market fell 9.6 points to 65.2.

That’s the lowest reading in that category in 12 years and well below the threshold of 80, which the Conference Board says can signal a potential recession in the near future. The proportion of U.S. consumers anticipating a recession remains at a nine-month high, the board reported.

The administration of President Donald Trump has largely played down the souring mood among Americans, saying it doesn’t necessarily reflect what’s happening in the actual economy. This argument is similar to what officials in former President Joe Biden’s administration said as high inflation suppressed consumer confidence without undermining growth.

“I just don’t think that there’s been a very strong correlation between the confidence data and actual consumer spending in recent years,” Stephen Miran, the chairman of the Council of Economic Advisers, told CNBC on Tuesday. “You go out in the street, people are going about their lives, you know, they’re getting their paychecks, they’re spending their paychecks, the economy is marching on ahead.”

Yet some of the nation’s biggest retailers, who have noted a shift in consumer behavior, are telling a different story.

Walmart has thrived with Americans trying to offset higher prices by seeking bargains. Late last month, however, the nation’s largest retailer slashed its profit forecast for this year.Target’s sales and profit slipped during the crucial holiday quarter, and the company predicted that there would be “meaningful pressure” on its profits to start the year in part because of tariffs on Mexico, Canada and China.

The board’s survey showed that purchasing plans for both homes and cars declined. However intentions to buy big-ticket items like appliances increased. The board said that could reflect a desire to buy before the tariffs kick in, leading to price increases.

Consumer spending accounts for about two-thirds of U.S. economic activity and is closely watched by economists for signs about how the American consumer is feeling.

— Associated Press

Trump venture launches crytpo stablecoin, ETF

President Donald Trump’s crypto empire is expanding with the recent announcements of a new dollar-backed stablecoin and investment funds for digital assets.

World Liberty Financial, a cryptocurrency venture Trump helped launch last year, announced Tuesday that it plans to launch USD1, a stablecoin pegged at a 1-to-1 ratio to the U.S. dollar.

Stablecoins are among the fastest growing segments of the cryptocurrency industry. They are typically backed by a government-issued currency, like the dollar, or to gold, making them better suited to commercial transactions than more volatile digital assets like bitcoin or other cryptocurrencies.

On Monday, Trump Media & Technology Group Corp. announced it was partnering with the crypto-trading firm Crypto.com to launch exchange-traded funds for investors to purchase.

File-sharing pioneer Napster sold again

A brand that was notoriously connected to music piracy before reemerging as a subscription music service has been sold to Infinite Reality for $207 million.

The tech startup announced Tuesday it had bought Napster in hopes of transforming the streaming service into a social music platform where artists can connect with fans and better monetize off their work.

Among its plans to update Napster, Infinite Reality said it will create virtual 3D spaces that will allow fans to attend concerts, and give musicians or labels the ability to sell digital and physical merchandise.

Napster was launched in 1999 and quickly became the first significant peer-to-peer file-sharing application. It shuttered in early 2000s after the record industry and popular rock band Metallica sued over copyright violations. Rhapsody later bought the brand in 2011 and relaunched it as a music streaming service.

— From news services