Consumer Sentiment in U.S. Falls for Fifth Straight Month

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  Consumer sentiment in the U.S. falls for a fifth straight month as inflation worries rise.

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  Plus, universities are feeling the financial strain from President Trump's funding cuts.

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  The totality of these cuts is going to mean that there's more than just the research that has to be hit

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  because a lot of the infrastructure for this research still exists and needs to be funded.

• 00:24

  And how a tentative deal with the Justice Department could spare Boeing from a guilty plea over 737 MAX charges.

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  It's Friday, May 16th.

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  I'm Pierre Bien-Aimé for The Wall Street Journal, filling in for Alex Osola.

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  This is the PM edition of What's News,

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  the top headlines and business stories that moved the world today.

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  Consumer sentiment in the U.S. has fallen to the second lowest number on record.

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  The University of Michigan said its preliminary index of consumer sentiment for May fell to 50.8,

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  a roughly 3% drop from April.

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  American households felt worse about the economy,

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  with sweeping tariffs raising the prospect of higher prices.

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  Tariffs were spontaneously mentioned by nearly three-quarters of consumers,

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  up from almost 60 percent in April.

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  Respondents said they expect prices to surge 7.3 percent over the next year,

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  compared with expectations in April for a 6.5 percent increase.

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  The survey also noted that longer-run inflation expectations rose too,

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  reflecting an especially big monthly jump among Republicans.

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