Fed Survey: CFOs Raise Inflation Outlook, Flag Rates as Top Concern

U.S. corporate chief financial officers raised their inflation expectations for this year and next while increasingly citing monetary policy as a top concern, according to a Federal Reserve survey released Sept. 23. The quarterly poll of about 500 firms showed CFOs expect to raise prices an average of 5.3% in 2026, up from 4.6% in the prior survey and 3.6% at the start of the year. Pricing expectations for 2027 averaged 4.5%, versus 4.1% and 3.6% in earlier readings. Roughly 20% of firms ranked monetary policy as their top concern, up from under 15%, as the Fed shifted toward rate hikes to curb persistent inflation. The survey, conducted August 17 to September 4, preceded the Fed's quarter-point rate increase last week. About one-fifth of small firms said financing constraints were limiting expansion or straining costs. Among firms not planning investment, 42% cited unfavorable financing or cash preservation, up from 32% six months ago.