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The Economy of 2025 Through the Eyes of CFOs: Richmond Fed CFO Survey Results

The Q3 2025 CFO Survey, conducted by the Richmond Federal Reserve Bank in collaboration with the Atlanta Fed, reveals that CFO optimism about the U.S. economy has risen from 60.9% to 62.9%. For the third consecutive quarter, trade policies and customs tariffs remain CFOs’ top concern, while worries about monetary policy and inflation have intensified. Companies’ revenue growth expectations for 2025 have increased from 5.4% to 7.8%, while unit cost expectations declined from 5.2% to 4.7%. Investment plans prioritize repair and renovation, with half of firms anticipating demand growth over the next 12 months. The survey results demonstrate that CFOs maintain a cautious approach to risks while expressing optimism regarding revenue growth and demand expectations.

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Relevancy of Policy Topics for CFOs

The latest CFO Survey, conducted by Duke University’s Fuqua School of Business in collaboration with the Federal Reserve Banks of Richmond and Atlanta, captures a dynamic pre- and post-election landscape. With insights from 515 participants, the findings underscore a mix

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CFO’s are still optimistic

The latest CFO Survey, conducted by Duke University’s Fuqua School of Business in collaboration with the Federal Reserve Banks of Richmond and Atlanta, reveals a cautiously optimistic outlook among financial executives as they plan for the final quarter of 2024.

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