A survey by the Federal Reserve banks and Duke University found that CFO optimism declined from 66 at the end of last year to 62.1 in the first quarter of 2025. Rising tariff risks and economic uncertainty have overshadowed the initial optimism following President Donald Trump’s election. The construction sector reported a slight increase in optimism, while manufacturing saw a notable decline. This reflects concerns about trade policies and inflationary pressures impacting supply chains and production costs.