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Consumer spending was weaker than expected again in February while a key inflation metric picked up, in a double whammy for the economy before the brunt of tariffs.

Inflation-adjusted consumer spending edged up 0.1%, on the low end of economists’ estimates, after a slump January that analysts mostly blamed on bad weather. Notably in February, Americans reduced spending on services for the first time in three years in the face of higher prices — including on dining out.

“Consumers are resistant to price increases,” Neil Dutta, head of US economics at Renaissance Macro, said in a note. “Ultimately, inflation boils down to a household’s budget constraint and conditions are deteriorating here.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Stuart Paul and Anna Wong of Bloomberg Economics about the latest US inflation data.
• Former Chief Economist at the National Economic Council Joe Lavorgna ahead of the April 2nd tariff deadline from the Trump Administration.
• Nonresident Senior Fellow at the Atlantic Council's Europe Center Rachel Rizzo as Vice President JD Vance visits Greenland.