U.S. Corporate CFOs Optimistic About Economic Outlook, at Least Before the U.S.-Iran Conflict Erupted

A Federal Reserve survey shows that the economic outlook for U.S. corporate finance executives improved in the early months of this year, at least until the U.S. and Israel opened war against Iran. The survey indicates that, driven by robust revenue growth, corporate executives expect to increase hiring while also facing persistent price pressures. In a quarterly survey jointly conducted by the Federal Reserve Banks of Atlanta and Richmond and Duke University's Fuqua School of Business, 473 CFOs stated that tariffs and trade policy remain their primary concerns. However, the percentage of CFOs listing these factors as their top concern has continued to decline, falling from nearly 40% in mid-2025 when the Trump administration significantly raised import tariffs to just over 20%.