Consumers have been gloomy about the economy for a while. That hasn’t translated to a pullback in spending yet—but uncertainty over recent policy changes could change that.

While Michigan’s survey often shows sharp partisan differences in sentiment, the March survey found a 10% decline in future expectations among Republicans. The sentiment among Democrats was off by 24%, while among independents it was down 12%.

US consumer sentiment has plunged to its lowest level in over two years. Inflation expectations have jumped the most since 1993. The University of Michigan’s preliminary March sentiment index sank to 57.