Consumer Sentiment Declines Amid Economic Uncertainty; EU Plans Migrant Deportation Hubs

Consumer sentiment in the United States has significantly declined since January, with the University of Michigan reporting a 9.8% drop in its consumer sentiment index. This decline spans across various age, income, and wealth groups. January data also revealed a 0.2% decrease in consumer spending, the first since March 2023. Concerns are mounting due to record-high credit card debt at $1.21 trillion and increasing delinquencies on auto loans. The National Federation of Independent Business also reported a sharp decline in small business owner optimism. Meanwhile, the European Union has announced plans to create a common set of procedures for migrant deportations and establish "return hubs" in third countries. The aim is to increase the number of deportations of rejected asylum seekers, which currently stands at only around 20%. The plan would allow EU countries to send rejected asylum seekers to third countries, though rights groups have raised concerns about potential rights violations.