That marks a notable drop from the 6.2 estimate in December last year, with the index returning into negative territory. The current conditions index also fell back from 16.6 to 0.0 on the month, suggesting some headwinds for the economy at present. UBS notes that:

“The survey was conducted during the escalation of tensions over Greenland and the associated risk of higher US tariffs on some European countries. These discussions likely weighed on analysts’ sentiment.”

Taking that into consideration, one can reasonably expect investor sentiment to rebound again next month as Trump’s Greenland threats have subsided.