US Consumer Confidence Index fell sharply in February, marking the biggest monthly decline since 2021. “This is the third consecutive month on month decline, bringing the Index to the bottom of the range that has prevailed since 2022,” said Stephanie Guichard, a senior economist at The Conference Board. “Average 12-month inflation expectations surged from 5.2% to 6% in February.”

The House approved a budget proposal on Tuesday that clears the path for implementing President Trump’s legislative agenda. Republicans narrowly passed the resolution with no Democratic support.

US home prices continued to rise, according to the December report for the Case-Shiller Index: “The S&P CoreLogic Case-Shiller US National Home Price NSA Index, covering all nine US census divisions, reported a 3.9% annual return for December, up from a 3.7% annual gain in the previous month.”

Manufacturing activity improved in February for the Richmond Fed’s district. The composite manufacturing index posted its largest one-month increase in over three years.

The 10-year Treasury yield fell to its lowest level since December as signs of softer economic economic growth emerge. “The economy is about to have the rug pulled out from under it as Washington policies are causing a rapid loss of confidence on the part of consumers,” predicts Chris Rupkey, chief economist at FWDBonds.

Gold appears to be flashing a warning for the US Fiscal Risk outlook, advises a note from TMC Research, a unit of The Milwaukee Co., a wealth manager. “Since early November 2022, when gold bottomed, the original safe-haven asset has surged around 75%, closing above $2,963 an ounce on Feb. 24. What’s driving it higher? As usual, no one’s really sure, but rising US federal debt is probably a factor.”