Inflation expectations skyrocketed in April and consumer sentiment plunged as President Donald Trump moved to impose massive tariffs, major warning signs for the economy as the specter of a recession looms large.

The University of Michigan Consumer Sentiment Index for mid-April released on Friday found that year-ahead inflation expectations jumped from 5% last month to a concerning 6.7% this month. That is the highest reading since 1981, when the Great Inflation was finally winding down.