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.

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

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%.