It's been a discouraging economic day, if by that you include faster increases on interest rates and falling GDP growth. But the estimated zero expansion of GDP in the second quarter of 2022 so far and the 75-basis point addition to the Fed's benchmark interest rate—which now looks to end the year at 3.4%—is new. What's been developing is greater pessimism on the part of corporate CFOs, according to a new Deloitte survey for the second quarter.

"CFOs' views of regional economies one year out decidedly took a downturn," the report read. That was certainly true in North America. "Just 18% indicate they expect North America's economy to be better a year from now, down from 36% in the prior quarter."

The survey was of 97 CFOs, 89% from the US, 8% from Canada, and Mexico making up the final 3%. A fifth of companies represented had annual revenues below $1 billion. Another 42% were from $1 billion to $5 billion, 14% from $5 billion to $10 billion, and 24% larger than $10 billion.