CFOs predict a 2025 recession, citing trade policy, inflation, and weak demand as key risks.

CFOs predict a recession in the second half of 2025, feeling pessimistic about the U.S. economy. They highlight concerns over trade policy, inflation, and consumer demand. 90% believe tariffs will cause rising inflation, with half expecting the 2% inflation target to be unmet until late 2026 or 2027. Trade policy is cited as the top external risk by CFOs, followed by inflation and consumer demand.