Taking risks? CFOs are saying, “Not so fast” this year. Only 12% of finance leaders think now’s the time for bold moves, according to Deloitte’s Q3 survey of 200 CFOs from billion-dollar companies. This cautious mindset is driven by political uncertainty, with 58% calling the upcoming US election “extremely consequential” for corporations — dampening optimism around economic growth.

• Just 14% of CFOs rated the North American economy as strong, and with the New York Fed’s recession model showing a 61.8% probability of a downturn next year, only 19% expect things to get better in 2025.
• Concerns about policy changes related to corporate taxes, trade, and tariffs remain top of mind as the election nears — no matter who wins in November.

Proceed with caution: CFOs pulling back could slow the economy. As finance chiefs ease off growth expectations in earnings, capital expenditures, and dividends, the proposed corporate tax hike and looming expiration of the Tax Cuts and Jobs Act add even more layers of uncertainty. In this climate, CFOs may need more than just their spreadsheets — maybe a Magic 8 Ball would help.