Good morning. CFOs are weathering economic shifts in today’s ever-changing business environment.
Are finance chiefs simply adapting to this unending unpredictability? “Uncertainty has become the new norm,” Steve Gallucci, global and U.S. leader of Deloitte’s CFO Program, said during our discussion of the firm’s Q3 2025 CFO Signals report released this morning. Gallucci emphasized that it’s critical for CFOs to foster strategies and mechanisms designed to manage persistent variability—a reality that’s unlikely to change soon.
According to the report, the CFO confidence score came in at 5.7, slightly up from last quarter’s 5.4 reading. In North America, only 19% of CFOs said the economy is good now, but 34% believe it will improve within a year.
Although some policy decisions, such as those around trade, remain unsettled, Gallucci noted there is now a bit more clarity regarding some major economic drivers. For example, CFOs have a better sense of the direction of interest rates.
The Federal Reserve made its first interest rate cut of 2025 in September, the first reduction since December, and the potential remains for additional cuts before year-end.
