CFOs Say Inflation Hasn’t Peaked
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CFOs Say Inflation Hasn’t Peaked
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The real business leaders, not the politicians or political analysts, say that inflation is still rising and that the economy will get worse.
From CNBC. At CNBC’s Delivering Alpha Investor Summit in New York City Wednesday, several big names in the investor community indicated they see no signs inflation is waning.
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David Rubenstein, the co-founder and co-chairman of Carlyle Group, said while “we’ve been used to 2% inflation for the last 25 years, we have to get used to the fact that inflation is not going to be 2% anytime soon,” adding that “it takes a long time as Paul Volcker said to get it out of the system.”
“This inflation is here to stay,” said JPMorgan Asset & Wealth Management CEO Mary Callahan Erdoes.
The view that inflation has not yet peaked is one shared by many chief financial officers at top companies, according to the results of the latest CNBC CFO Council quarterly survey.
A majority of CFOs (57%) said that they do not think inflation has peaked. More than a quarter of the CFOs say inflation is the biggest external risk factor facing their businesses. That is down from 40% who cited inflation last quarter, as concerns about consumer demand in the softening economy rise among CFOs, and more now cite it as their No. 1 risk.
The CNBC CFO Council survey is a sample of the current outlook among top financial officers. It was conducted among 21 chief financial officers at major organizations between September 12-27. Council membership includes 44% of CFOs from Fortune 500 firms, and of that cohort, half from Fortune 100 firms.
Executives from companies across the economy have added to this view of inflation in recent weeks. Costco CEO Craig Jelinek told CNBC’s Jim Cramer on September 13, “I think you’re going to see maybe another six months to a year, things will start to come down.”
Unilever CEO Alan Jope said on CNBC’s “Closing Bell” on September 6, “We’re not seeing an easing off in our landed costs. So, any early optimism that inflation has peaked is misplaced.” …
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(Excerpt from CNBC. Photo Credit: Canva)
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