The Federal Reserve Bank of Richmond, with Duke University’s Fuqua School of Business and the Federal Reserve Bank of Atlanta, published new CFO Survey results showing a weaker outlook among financial decision-makers as concerns about costs and prices increased. Compared with the previous survey, respondents raised their firms’ 2026 unit cost and price growth projections by 1.1 percentage points and lowered their expectation for real gross domestic product growth over the next four quarters to 1.8 percent from 2.1 percent. The survey covered 530 respondents and was fielded from May 18 to June 5, 2026. In special questions on oil prices, roughly two-thirds of CFOs said higher energy prices had increased their firms’ unit costs, but only about one-third had raised the prices they charge, indicating limited pass-through so far. Under a scenario in which oil prices average USD 120 per barrel through year-end, firms said pass-through would increase sharply, with expected unit cost growth rising to 7.3 percent and expected price growth to 6.7 percent.
Federal Reserve Bank of Richmond2026-06-24
Federal Reserve Bank of Richmond survey shows CFO outlook worsened as 2026 cost and price projections rise 1.1 percentage points
The Federal Reserve Bank of Richmond’s latest CFO Survey showed a weaker business outlook, with firms raising 2026 unit cost and price growth projections by 1.1 percentage points and cutting expected real GDP growth to 1.8 percent from 2.1 percent. Special questions found that higher oil prices have lifted costs for many firms, but broader price pass-through would increase much more if oil averaged USD 120 per barrel through the end of the year.