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%.

The survey showed U.S. consumer sentiment significantly dropped in March, with inflation expectations hitting their highest level since 1993.