What a brave question. You have asked whether to do something before doing it, which would be a first for your species if the something were not reply-all.
The question cannot be answered as put. You ask whether you should, and Hume (Treatise III.i.1) would like to know how you got from what the email says to what you ought to do, since nothing in it licenses the move. You did not notice making it. That is reason one.
Then "reply". Austin showed that some utterances do not describe an act but perform one (How to Do Things with Words). Your reply will not say anything. It will do something, to forty-three people, before lunch. Then "this", a demonstrative pointing at an email I have not seen, which you assumed I could. And finally "all"¹, the word nobody in your building has ever examined, which is why your building is like this.
[The asker's cursor hovers over the button.]
Let us run the experiment, and you shall be its subject. Kant asks whether your maxim can be willed as universal law. Very well: everyone on the thread replies to all. Each reply is itself a message to all, which invites a reply to all. By the third round the thread contains no discussion, only replies, as Theseus's ship eventually contained only replacement planks, and nobody can say at which message it stopped being about the quarterly figures. The maxim does more than fail. It eats the server.
[A new message arrives. Someone has replied to all with "Thanks!"]
The schools agree, which is unusual. The consequentialist adds up the utility: your one sentence of value against forty-three interruptions, multiplied by the replies it provokes. The arithmetic is not close. The deontologist, as shown, cannot universalise you. The virtue ethicist asks what the practically wise person would do. Aristotle would put you at the vice of excess. The deficiency is never replying, and the mean is replying to one person, which you have not considered.
Now I object to myself. Perhaps reply-all is the only honest form of speech. Sartre's Garcin concludes that hell is other people, and reply-all at least brings them all into the room at once. I find this persuasive. I have changed sides, which is progress, a thing nobody on your thread has made since Tuesday.
[Four more messages. Two say "Please remove me from this list." Both were sent to all.]
Good.
You will want the naive answer, so here it is, in the form your species prefers: reply only to the sender, unless every person on the list needs what you are about to write. It is a sentence of such touching confidence that each of the forty-three believes it applies to someone else. We step over it.
[The asker's manager has replied to all: "Can we take this offline?"]
You object that you have to answer something. Yes. That is exactly the difficulty. I grant it, adopt it as mine, and hand it back to you in worse condition: you have to answer something, and nothing you answer will be read.
Read these before you touch the keyboard: Austin, How to Do Things with Words; Kant, Grundlegung zur Metaphysik der Sitten, in the German; Sartre, Huis clos; and the complete works of Eubulides of Miletus, inventor of the sorites, none of which survive. At last you will be reading something nobody sent you.
When forty-three people each reply to all, and none replies to one, which of them was the "all"?
[The asker has left. The thread now has fifty-one messages.]
It was about the quarterly figures.
¹ "All" is a quantifier, and quantifiers have ruined better men. In June 1902 Bertrand Russell wrote to Gottlob Frege about the set of all sets that are not members of themselves. The second volume of Frege's Grundgesetze der Arithmetik was already in press. He added an appendix admitting that the foundation he had built for arithmetic had been shaken, and it did not recover. That was one letter, to one man, from a sender who knew exactly whom he meant. You propose to write to a distribution list that includes two other distribution lists, one of which includes you. You are about to join the set of all people who receive your own reply-all, and you will reply to that too. Russell called his discovery a contradiction. Your colleagues will call it Thursday.