The latest CFO Survey, conducted by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, indicates that financial decision-makers in the United States have a more optimistic outlook for the economy in the third quarter of 2025. The survey found that uncertainty, while still a concern, has dropped in importance among respondents—from being the second highest concern last quarter to seventh this quarter.
Sonya Ravindranath Waddell, vice president and economist with the Federal Reserve Bank of Richmond, commented on these findings: “Likely, it is the fall in uncertainty that helped boost optimism in the third quarter. The return of optimism and GDP expectations to levels more in line with the beginning of 2024 is reassuring. But concern about tariffs is real and impactful for many CFOs in the survey.”
Despite increased optimism, tariffs and trade policy remain top concerns for chief financial officers for a third consecutive quarter. These issues were followed by worries over monetary policy and inflation. Firms identifying tariffs as their main issue reported a more negative outlook regarding both economic conditions and their own business prospects.
According to survey responses, CFOs expect tariffs to significantly influence price growth through 2026. On average, they projected that price growth would be approximately 30 percent lower in 2025 and about 25 percent lower in 2026 if tariffs were not imposed. Nearly one-quarter of firms also indicated plans to reduce capital spending next year due to tariff pressures.
The full results from this quarterly survey—including historical data and detailed analysis on how elections may affect corporate perspectives—are available at www.cfosurvey.org.
The Federal Reserve Bank of Richmond serves as one of twelve regional reserve banks working alongside the Board of Governors to promote economic stability across its district, which includes North Carolina, South Carolina, Virginia, Maryland, most of West Virginia, and Washington D.C. The bank monitors regional economic conditions by engaging with local community leaders and businesses while also overseeing safe banking practices within its jurisdiction.
