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2025

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Research @ Citi Podcast

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<ul><li>The 2025 U.S. equity market faces a "volatile bull" scenario, influenced by a new administration, fiscal issues and AI's evolving impact</li><li>Key strategic significance lies in 2025 S&amp;P 500 targets, 'Mag Seven' versus broader market analysis and policy-driven sector investment recommendations</li><li>Anticipate Q1 2025 market 'noise' and a constructive 2026 outlook, advising a 'barbell' investment strategy balancing U.S./European equities with growth and defensive plays</li></ul>

How will U.S. equities perform in 2025? That’s the key question in our first episode of the year, where Rob Rowe talks to U.S. equity strategist Scott Chronert about the market’s current positioning and his outlook for the S&amp;P 500. Scott explains how ongoing soft-landing and AI tailwinds now interact with Trump policy promises (and risks), how he views the performance of the index’s Magnificent Seven versus “the other 493”, and how his bull and bear case assumptions help frame an expectation for increased volatility in the year ahead.<o:p>&nbsp;</o:p>This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.<o:p></o:p><o:p></o:p><o:p> </o:p>

Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for more than 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research.&nbsp; In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.<o:p></o:p>

Rob Rowe, Head of Global Strategy and Macro Research and U.S. Regional Director of Research 

Scott Chronert is a Managing Director at Citi Research serving several roles, including U.S. Equity Strategist, Global Head of ETF Strategy &amp; Analysis, and U.S. Small/Mid Cap Strategy. Scott assumed the U.S. Equity Strategy role at Citi in October 2021. He brings a fundamental approach to assess the U.S. equity landscape. Regarding ETFs, Scott and his team have been at the forefront of sell-side, institutional-grade analysis of the ETF ecosystem since 2012. His product covers all facets of ETFs, including broader industry trends, flow analysis, and stock and market impacts, complemented with positioning views covering most asset classes and geographies. His work on U.S. Small/Mid Cap provides a blend of top-down and stock-specific insight. Scott also contributes to Citi’s global equity strategy product. Prior to joining Citi Research in 2010, Scott spent more than 25 years in institutional equity sales and management roles (mostly at Citi). He is a graduate of Dartmouth College (AB degree, 1978) and UCLA Graduate School of Management (MBA degree, 1980).<o:p></o:p>

Scott Chronert, Head of U.S. Equity and ETF Strategy, Citi Research

How will U.S. equities perform in 2025? That’s the key question in our first episode of the year.&nbsp;<o:p></o:p><o:p></o:p>

/rcs/citigpa/storage/public/Research-Citi_E19_transcript.pdf

E19: 2025 Outlook — Expecting a Volatile Bull

<ul><li>Citi Research analyzes a resilient global economy with a 2.6% growth forecast for 2025, considering potential volatility from a new US administration, geopolitical tensions and ongoing monetary policy easing</li><li>Strategic significance arises from insights into global economic resilience, central bank rate cut shifts, the net impact of Trump's policies on growth and key regional market performance</li><li>Listeners should anticipate continued global resilience, central bank easing and that Trump's tariff threats may primarily serve as negotiation tools while inflation moderates</li></ul>

The global economy continues to defy expectations, powering ahead over the past couple years even amid interest rate hikes, geopolitical instability, and other headwinds. With consumer spending still strong and central banks having largely turned more dovish, 2025 is starting from a favorable setup. Meanwhile, President Trump takes office again next week, vowing tough tariffs and tax cut extensions. What will the net impact be? And what of China and the rest of the world? Chief Economist Nathan Sheets shares his views on these and other topics with host Rob Rowe.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.<o:p></o:p><o:p></o:p>

Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for more than 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research.&nbsp; In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.<img style="border-radius:10px;" src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/6904c601105df2548a9ebb2d.jpg" alt="image of Rob Rowe"><o:p></o:p>

Nathan Sheets, Ph.D., is Chief Economist at Citi. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.<o:p></o:p><o:p></o:p>Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.<o:p></o:p><o:p></o:p>Nathan has a bachelor’s degree in Economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology.<img style="border-radius:10px;" src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/6904c5278926703b6be9c3ab.jpg" alt="Image of Nathan Sheets"><o:p></o:p>

Nathan Sheets, Chief Economist, Citi 

Check out the related article on The Resilient Global Economy & Trump 2.0. 

The global economy continues to defy expectations, powering ahead over the past couple years even amid interest rate hikes, geopolitical instability, and other headwinds. With consumer spending still strong and central banks having largely turned more dovish, 2025 is starting from a favorable setup.&nbsp;<o:p></o:p>

/rcs/citigpa/storage/public/Research-Citi_E20_final_transcript.pdf

E20: The Resilient Global Economy & Trump 2.0

<ul><li>Citi Research examines the future of US-China trade relations under a potential Trump 2.0 administration, analyzing historical policies and anticipating new strategies amidst global economic shifts</li><li>Strategic significance derives from understanding the complex interplay of tariffs, China's entrenched global market share, inflation concerns and potential negotiation areas that impact US industrial competitiveness</li><li>Listeners should anticipate a gradual phasing of tariffs, ongoing market volatility driven by policy rhetoric and China's continued strategic diversification efforts in response to rising protectionism</li></ul>

Donald Trump is back in the White House, and his policy actions are being watched closely by the markets and the world at large. Trump’s tariff plans — including those toward China — feature prominently in his policy rhetoric. Yet China’s global manufacturing dominance persists, and the United States remains reliant on it for imports. How will U.S. trade with China change in a second Trump administration? Join host Brent Robinson, Head of Research for Japan, Australia, North &amp; South Asia, as he discusses this topic in detail with Johanna Chua, Head of Emerging Markets Economics.<o:p></o:p><o:p></o:p>This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.<o:p></o:p>

Brent Robinson is a Managing Director and Head of Research for Japan, Australia, North &amp; South Asia. Brent has been instrumental in driving the Citi Research franchise to become a top house in Asia-Pacific today. He joined Citi in September 2005 from Macquarie Securities, where he was Deputy Head of Asia Pacific research and head of Pan-Asian industry research since 2002. Brent was promoted to his current role in July 2009. Prior to that, he spent 16 years at Merrill Lynch, including 10 years in New York, where he worked in a variety of roles relating to unit trusts, sales-trading, trading and private client research. Brent moved to Hong Kong in 1996 as Product Manager for Asian research, and was subsequently promoted to Deputy Head of Research for Asia Pacific. Brent completed his Bachelor's degree at the University of South Carolina in 1985 and his Executive MBA degree at Kellogg/HKUST in 2000.<o:p></o:p>

Brent Robinson, Head of Research for Japan, Australia, North & South Asia 

Johanna Chua is a Managing Director, Head of Emerging Market Economics, and Chief Asia Economist at Citigroup. Based in Hong Kong, she oversees economic research across Emerging Asia, Central &amp; Eastern Europe, the Middle East &amp; Africa, and Latin America.&nbsp; Prior to her appointment, she was the head of Economics Research for Asia-Pacific, including Japan and Australia. Before 2009, she was the Chief Asia Emerging Markets Trading Strategist (Fixed Income, Commodities and Currencies), and the Asia Sovereign Fixed Income Analyst. Johanna has a Ph.D. in Economics from Harvard University and is a summa cum laude graduate of the University of the Philippines.<o:p></o:p><o:p> </o:p>

Johanna Chua, Head of Emerging Markets Economics

Donald Trump is back in the White House, and his policy actions are being watched closely by the markets and the world at large.&nbsp;<o:p></o:p>

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E21: Trade with China under Trump 2.0

<ul><li>Citi Research analyzes the European car industry's "triple threat," examining global trade impacts, heightened competition and the complex transition to electric vehicle technologies</li><li>Strategic significance lies in assessing the auto industry's structural challenges, including increased Chinese competition, shifting global market dynamics, the demanding EV technology transition and the impact of looming tariffs on manufacturing footprints</li><li>Stakeholders should anticipate automotive industry technological adaptations, increased cross-border collaborations and strategic shifts towards more localized manufacturing, while noting that tariff impacts are largely factored into current market valuations</li></ul>

The auto industry is an incredibly competitive one to begin with, with more than 60 large manufacturers globally and a hundred or so brands between them. The shift to electrics and hybrids provides even greater levels of choice for the consumer. And now, the European auto industry faces a triple threat of Chinese competition in all markets, aggressive emissions reduction targets amid a difficult transition toward electric vehicles, and global trade friction exacerbated by the Trump administration’s stance on tariffs. Join host Elise Badoy and European autos analyst Harald Hendrikse as they discuss the future of the European car industry and how its companies are addressing the current slate of structural challenges.<o:p></o:p><o:p></o:p>This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.<o:p></o:p>&nbsp;<o:p></o:p>

Elise Badoy is a Managing Director and Head of Europe, UK, Middle East and Africa Research. Elise joined Citi in February 2010 and is a member of the Global Research Executive Committee. Prior to Citi, Elise worked at Goldman Sachs from 1999 to 2009, initially on the buy-side at GSAM and from 2001 in the Global Investment Research division covering the Consumer Staples sector. Prior to joining Goldman Sachs, she worked at Daiwa Securities in Equity Capital Markets and at ING Barings in Investment Banking. Elise was named in Financial News’ 100 Most Influential Women in European Finance 2018 and was a 2019 Women in Banking and Finance award for achievement finalist. Elise graduated from Ecole Superieure de Commerce de Paris (ESCP) and is a CFA Charterholder.<o:p></o:p>

Elise Badoy, Head of Europe, UK, Middle East and Africa Research, Citi

Harald Hendrikse is a Managing Director at Citi Research covering the European Autos and Auto Parts sector. Harald joined Citi in June 2023, having over 20 years’ experience in sell-side research in SMID, Aerospace &amp; Defence, and Automotive sectors, and research management. In other roles, he has also acted in a Specialist Sales capacity; and managing a long-short Global Cyclicals hedge fund in London before that. For the previous nine years, Harald worked at Morgan Stanley in a similar sell-side equity research role covering Autos, and has also worked at Merrill Lynch, Nomura, Credit Suisse, and Schroders Securities. Harald has a Bachelor’s degree in Economics from the London School of Economics.<o:p></o:p>

Harald Hendrikse, European Autos & Auto Parts Analyst, Citi 

The auto industry is an incredibly competitive one to begin with, with more than 60 large manufacturers globally and a hundred or so brands between them. The shift to electrics and hybrids provides even greater levels of choice for the consumer.

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E22: Can Autos Survive a Triple Threat?

<ul><li>Citi Research analyzes five key themes shaping the industrials sector, including initial conservatism, expected second-half acceleration and the influence of megatrends</li><li>Strategic significance stems from identifying resilient megatrends, including AI, reshoring and sustainability, as long-term growth drivers, alongside the impact of digitization and strategic M&amp;A activities in the industrial sector</li><li>Listeners should anticipate a more consistent recovery by mid-2025, navigating lingering policy uncertainties and observe industrials strategically adapting through increased U.S. emphasis and international growth in regions like India and the Middle East</li></ul>

Senior analyst Andrew Kaplowitz talks to Rob Rowe about the five themes he expects to be in focus at Citi’s Global Industrial Tech &amp; Mobility Conference (February 18–20 in Miami): companies’ muted Q1 outlooks and whether they reflect conservatism or a genuinely sluggish industrial economy that’s set to accelerate later in the year; the potential for short-cycle tailwinds; the path forward for megatrends; self-help as a performance driver; and ex-U.S. trends and geopolitical impacts on industrial demand.&nbsp;This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for more than 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research. &nbsp;In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.&nbsp;

Andy Kaplowitz is a Managing Director and U.S. Industrial Sector Head covering the Multi-Industry / Conglomerates and Engineering &amp; Construction sectors. Prior to joining Citi Research in 2015, Andy had several roles in equity research for Barclays/Lehman Brothers from 2001 through 2015. He most recently was a Managing Director covering Machinery and Engineering Construction at Barclays since 2011. Prior to that, he was a Senior Analyst covering Engineering and Construction stocks since 2006 and Mining Equipment since 2008. Andy holds a Bachelor of Arts degree from Rutgers University and an MBA degree from the Kellogg School of Management.&nbsp;

Andrew Kaplowitz, Head of Industrial Tech & Mobility Super-Sector

Senior analyst Andrew Kaplowitz talks to Rob Rowe about the five themes he expects to be in focus at Citi’s Global Industrial Tech &amp; Mobility Conference.&nbsp;

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E23: Built to Last — Five Themes Shaping the Industrials Sector

<ul><li>Citi Research explores the U.S. REIT market, providing a 2025 forecast and analyzing drivers such as macroeconomic conditions, public-private valuations and subsector performance</li><li>Strategic significance lies in the projected 10-15% total return for REITs in 2025, their valuation relative to private real estate and fixed income and the impact of interest rate volatility and new administration policies</li><li>Listeners should anticipate an uptick in M&amp;A activity, strategic focus on overweight subsectors like residential and healthcare and a cautious outlook for office and self-storage amidst market shifts</li></ul>

Real Estate Investment Trusts, or REITs, are companies that own, operate or finance income-producing real estate. They are in a sense the “landlord of the U.S. economy”, as the properties they manage span a wide range of industries. Rob Rowe hosts this session with Nick Joseph, Citi Research’s Head of U.S. Real Estate and Lodging, to discuss the REIT sector’s current state and prospects ahead of the 30th annual Citi Global Property CEO Conference (March 2 – 5).This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for more than 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research. &nbsp;In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.

Nick Joseph is a Managing Director and Head of the Real Estate and Lodging team and the Global Real Estate Super Sector at Citi Research. The U.S. Real Estate and Lodging team at Citi has coverage of ~80 equity securities. Nick is active in the real estate industry, including being on the Advisory Board of the White Ruffin Byron Center for Real Estate at UVA and the FTSE Nareit Index Series Advisory Committee. Before joining the team in 2010, Nick worked at the Citi Private Bank. Nick has an MBA from New York University’s Stern School of Business, with a concentration in Finance and Economics, and a Bachelor of Arts degree from the University of Virginia.

Nick Joseph, Head of U.S. Real Estate and Lodging, Citi Research

Real Estate Investment Trusts, or REITs, are companies that own, operate or finance income-producing real estate. They are in a sense the “landlord of the U.S. economy”, as the properties they manage span a wide range of industries.&nbsp;

/rcs/citigpa/storage/public/Research-Citi_E24_ final_ transcript.pdf

E24: REIT or Wrong — Is Now the Time to Buy U.S. Real Estate?

<ul><li>Citi Research analyzes the health of the consumer and the evolving retail landscape, covering holiday performance, macro-economic factors and key themes for an upcoming conference</li><li>Strategic significance stems from understanding market share shifts, performance divergence among retailers and the impact of consumer confidence and economic factors on spending trends</li><li>Listeners should anticipate continued market uncertainty, the need for selective investment in winning omnichannel retailers and potential recovery in certain challenged retail categories</li></ul>

U.S. retailers are reporting earnings for the final quarter of 2024, and so far they’re painting an overall picture of robust holiday sales. Meanwhile, frigid East Coast temperatures, tariff implications, and food inflation have made for a challenging consumer backdrop in this year’s opening quarter.&nbsp;In this episode, Anne Malone hosts analysts Paul Lejuez and Steve Zaccone ahead of Citi’s Global Consumer &amp; Retail Conference (March 9 – 11) in South Florida to discuss the trends impacting consumers as well as the retailers in their stock coverage.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Anne Malone was named Head of North America and Latin America Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a CFA Charterholder.

 Anne Malone, Head of North America and Latin America Equity Research

Paul Lejuez is a Managing Director at Citi Research covering Department Stores &amp; Specialty Softlines, Broadlines and Food Retailing sectors. Prior to joining Citi in 2015, Paul worked at Wells Fargo for more than two years, Nomura Securities for nearly three years, and Credit Suisse for more than ten years, always covering the retail sector. He began his career at Ernst &amp; Young LLC. Paul has a BS/MS degree in Accountancy from Wake Forest University. He is a CFA Charterholder, Certified Public Accountant and Certified Financial Planner.

Paul Lejuez, Head of Consumer Discretionary, Citi Research

Steve Zaccone, CFA, is a Senior Research Analyst on Citi’s Retail Team covering the Retailing/Hardlines sector. Prior to joining Citigroup in 2020, Steve served as a Vice President at J.P. Morgan on the Retailing/Department Stores &amp; Specialty Softlines research team. Prior to joining J.P. Morgan in 2016, he spent three years as a senior associate on the retail team at Cowen &amp; Company and Citigroup. He was responsible for covering a broad spectrum of the retail landscape including the Broadlines, Hardlines, Softlines, and Luxury sectors. Steve also previously held equity research roles at Oppenheimer &amp; Co. and Needham &amp; Co. following consumer and technology sectors. Steve graduated summa cum laude from Fordham University with a Bachelor’s degree in Accounting &amp; Finance in 2010 and is a CFA Charterholder.

Steve Zaccone, Senior Research Analyst on Citi’s Retail Team 

U.S. retailers are reporting earnings for the final quarter of 2024, and so far they’re painting an overall picture of robust holiday sales. Meanwhile, frigid East Coast temperatures, tariff implications, and food inflation have made for a challenging consumer backdrop in this year’s opening quarter. In this episode, Anne Malone hosts analysts Paul Lejuez and Steve Zaccone ahead of Citi’s Global Consumer &amp; Retail Conference (March 9 – 11) in South Florida to discuss the trends impacting consumers as well as the retailers in their stock coverage

/rcs/citigpa/storage/public/Research-Citi_E25_transcript.pdf

E25: Well Spent — A Consumer Health Check

<ul><li>Citi Research explores the future of crypto, focusing on anticipated US regulatory changes post-election that will integrate digital assets into traditional financial markets, increasing potential for inter-market spillovers</li><li>Strategic significance stems from the successful launch and strong adoption of spot Bitcoin and Ethereum ETFs, which are driving market prices and indicate a growing institutional interest in portfolio allocation to digital assets</li><li>Listeners should anticipate gradual regulatory clarity, continued growth in stablecoin utility and evolving correlations that may position crypto assets as a long-term portfolio diversifier</li></ul>

Often viewed as esoteric and offbeat, crypto assets were once eschewed by traditional capital market participants. But last year’s regulatory approval and launch of spot Bitcoin and Ethereum ETFs signaled a period of broader adoption, and the U.S. in particular could be on the cusp of a regulatory regime change that could open crypto markets up to more institutional investors.&nbsp;Where do crypto assets fit into portfolio allocations? How do they correlate with traditional asset classes? Join Lucy Baldwin, Head of Citi Research, and Alex Saunders, Head of Quantitative Global Macro and Decentralized Finance (DeFi) Research, as they discuss the latest developments in this fast-evolving space. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Lucy Baldwin is a Managing Director and Global Head of Citi Research. She is responsible for managing Citi’s global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse, she was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector. She graduated from the University of Birmingham in Economics. Lucy serves as a member of Council for the University of Birmingham and sits on the Investment Sub-committee. Additionally, she is a member of the Advisory Council for the Mossavar-Rahmani Centre for Business and Government at the Harvard Kennedy School.

Lucy Baldwin, Head of Citi Research  

Alex Saunders is a Director with Citi Research and heads the Quantitative Global Macro and Asset Allocation team. Prior to joining Citi in 2021 he spent more than 15 years on the buy side as a researcher and portfolio manager for quantitative investment strategies. His most recent position covered asset allocation and U.S. credit for Itau Asset Management. Before that, he worked for QS Investors and Deutsche Asset Management across a variety of asset classes. Alex holds an MA degree in Economics from London Metropolitan University and a BSc from the University of Liverpool.&nbsp;

Alex Saunders, Head of Quantitative Global Macro and DeFi Research

Often viewed as esoteric and offbeat, crypto assets were once eschewed by traditional capital market participants.&nbsp;

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E26: The Future of Crypto

<ul><li>Citi Research presents a 2025 U.S. economic outlook, analyzing GDP growth, inflation and the impact of the new administration's aggressive policy stance, including tariffs and fiscal challenges</li><li>Strategic significance derives from the current period of maximum policy uncertainty, aggressive tariff strategies impacting North America and Europe and the contentious DOGE initiative, which collectively influence FDI and U.S. economic fundamentals</li><li>Stakeholders should anticipate continued policy uncertainty, particularly around tariffs, while observing deregulatory efforts and their effect on market confidence, with the U.S. expected to maintain its attractiveness for foreign direct investment</li></ul>

The new U.S. administration has moved apace in its first couple months with a full slate of executive orders. Amid all the action, policy uncertainty remains high, leaving C-suite executives and consumers alike wondering whether to make big expenditures now — or to wait and see how the policies unfold.&nbsp;In this episode, Head of Citi Research Lucy Baldwin talks to Chief Economist Nathan Sheets about how his view on the U.S. and global economy has evolved since the year-end, and what he sees in store from here — touching on tariffs, tax cut extensions, deregulation, deficit reductions, and the direction of “animal spirits”.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Lucy Baldwin is a Managing Director and Global Head of Citi Research. She is responsible for managing Citi’s global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse, she was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector. She graduated from the University of Birmingham in Economics. Lucy serves as a member of Council for the University of Birmingham and sits on the Investment Sub-committee. Additionally, she is a member of the Advisory Council for the Mossavar-Rahmani Centre for Business and Government at the Harvard Kennedy School.&nbsp;

Nathan Sheets, Ph.D., is Chief Economist at Citi. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.Nathan has a bachelor’s degree in Economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology.&nbsp;

Check out the related article on the Foreign Direct Investment — Global Implications of "America First" Policies.

The new U.S. administration has moved apace in its first couple months with a full slate of executive orders. Amid all the action, policy uncertainty remains high, leaving C-suite executives and consumers alike wondering whether to make big expenditures now — or to wait and see how the policies unfold.&nbsp;In this episode, Head of Citi Research Lucy Baldwin talks to Chief Economist Nathan Sheets about how his view on the U.S. and global economy has evolved since the year-end, and what he sees in store from here — touching on tariffs, tax cut extensions, deregulation, deficit reductions, and the direction of “animal spirits”.

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E27: What’s Next for the U.S. Economy?

<ul><li>Citi Research reviews the NVIDIA GTC conference, emphasizing the transition to agentic and physical AI, advancements in quantum computing and the critical shift from AI model training to inference</li><li>Strategic significance includes the monetization of AI through reasoning, the growing constraint of power for data centers and the accelerating integration of AI and quantum computing into various industries</li><li>Anticipate continued breakthroughs in AI reasoning models, intensified efforts to address AI's deep fake and privacy challenges and the development of executable quantum computing applications</li></ul>

Artificial intelligence, or AI, is advancing at a blistering pace, impacting companies’ operating models and individuals’ daily lives.&nbsp;Rob Rowe, U.S. Regional Director of Research, and Atif Malik, U.S. Specialty Semiconductors Analyst, attended NVIDIA’s GPU Technology Conference in March and share their takeaways from this AI-focused event — with topics including the current phase of agentic AI and the next phase of physical AI, the industry’s transition from training to reasoning, power demands and limitations, and the role of quantum computing. &nbsp;This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. &nbsp;

Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for 30 years serving in various capacities.&nbsp;He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research. &nbsp;In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.

  Rob Rowe, Head of Global Strategy and Macro Research and U.S. Regional Director of Research 

Atif Malik is Citi Research’s U.S. Semiconductor Capital Equipment and Specialty Semiconductors analyst, having joined Citi in 2012. Prior to Citi, Atif was the Senior Analyst covering Semiconductor Capital Equipment (including LED &amp; Solar) and U.S. Memory Semis at Morgan Stanley for three years. He began his career at Applied Materials, where he spent seven years in various product marketing and management capacities. Atif earned his Bachelor of Science degree in Chemical Engineering &amp; Chemistry from Caltech University.&nbsp;

Atif Malik, Semiconductor Capital Equipment and Specialty Semiconductors Analyst

Artificial intelligence, or AI, is advancing at a blistering pace, impacting companies’ operating models and individuals’ daily lives.&nbsp;

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E28: Quantum & Chips — NVIDIA Conference Takeaways

<ul><li>Citi Research analyzes Europe's historic shift from an export-led growth model, driven by US tariff policies, towards one more reliant on domestic demand</li><li>Strategic significance lies in the fundamental challenge to Europe's mercantilist growth model, impacting inflation, real rates and financial markets, while compelling a shift towards domestic demand and advocating for continued ECB rate cuts</li><li>Listeners should anticipate continued ECB rate cuts and eventual long-term positive economic impacts for Europe from its rebalanced growth model, despite near-term headwinds and backloaded fiscal expansion</li></ul>

The U.S. tariffs are exerting an immediate impact on the financial markets, but they also have long-term consequences for economies — including a fundamental challenge to Europe’s longstanding export-led growth model. But as Chief European Economist Arnaud Marès argues in this episode, a shift toward domestic demand based growth had already been gaining momentum in the key economy of Germany. Join host Elise Badoy and Arnaud as they delve into the drivers and implications of Europe’s historic growth model shift. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Elise Badoy is a Managing Director and Head of Europe, UK, Middle East and Africa Research. Elise joined Citi in February 2010 and is a member of the Global Research Executive Committee. Prior to Citi, Elise worked at Goldman Sachs from 1999 to 2009, initially on the buy-side at GSAM and from 2001 in the Global Investment Research division covering the Consumer Staples sector. Prior to joining Goldman Sachs, she worked at Daiwa Securities in Equity Capital Markets and at ING Barings in Investment Banking. Elise was named in Financial News’ 100 Most Influential Women in European Finance 2018 and was a 2019 Women in Banking and Finance award for achievement finalist. Elise graduated from Ecole Superieure de Commerce de Paris (ESCP) and is a CFA Charterholder.

Elise Badoy, Head of Europe, UK, Middle East and Africa Research 

Arnaud Marès is a Managing Director and Citi's Chief European Economist. He is based in the London office and started with Citi Research in 2017. Arnaud served as Special Adviser to the President of the European Central Bank (ECB) from 2012 to 2017, and held various other positions in the private and public sector, including Head of Policy at the UK Debt Management Office from 2004 to 2007. Arnaud is a graduate from the Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE) in Paris.

Arnaud Marès, Chief European Economist

The U.S. tariffs are exerting an immediate impact on the financial markets, but they also have long-term consequences for economies — including a fundamental challenge to Europe’s longstanding export-led growth model.&nbsp;&nbsp;

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E29: Europe’s Historic Growth Model Shift

<ul><li>Citi Research analyzes the escalating U.S. tariff landscape, reaching an unprecedented 25-30% effective rate and its profound implications for both the U.S. and global economies</li><li>Strategic significance lies in these tariffs creating a "stagflationary shock" for the U.S. with higher inflation and weaker growth, while compelling foreign central banks to consider aggressive rate cuts</li><li>Stakeholders should anticipate continued market uncertainty, potential Fed rate cuts balanced against inflation risks and President Trump utilizing tariffs as a bargaining chip amidst deteriorating U.S.-China trade relations</li></ul>

The U.S. tariffs under President Trump have reached their highest levels in roughly a century, drawing comparisons with the Smoot–Hawley Tariff Act of 1930. But today’s economy and geopolitical fabric provide a starkly different backdrop — where central banks play a key role, where the Fed in particular must navigate a tricky path between potentially higher inflation and slower growth, and where escalating trade friction with China looms large.Join host Rob Rowe and Chief Economist Nathan Sheets as they discuss the still-developing tariff structures and their implications for the United States itself as well as its trading partners.&nbsp;This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research. &nbsp;In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.

Rob Rowe, U.S. Regional Director of Research and Head of Global Strategy and Macro Group, Citi

Nathan Sheets, Ph.D., is Global Chief Economist at Citi Research. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.Nathan has a bachelor’s degree in Economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology. &nbsp;

The U.S. tariffs under President Trump have reached their highest levels in roughly a century, drawing comparisons with the Smoot–Hawley Tariff Act of 1930. But today’s economy and geopolitical fabric provide a starkly different backdrop — where central banks play a key role, where the Fed in particular must navigate a tricky path between potentially higher inflation and slower growth, and where escalating trade friction with China looms large.Join host Rob Rowe and Chief Economist Nathan Sheets as they discuss the still-developing tariff structures and their implications for the United States itself as well as its trading partners.&nbsp;

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E30: Tariffs — The Global Chain Reaction

<ul><li>Citi Research analyzes the U.S. packaged food industry's transformation due to consumer shifts toward healthier diets, examining impacts from GLP-1 drugs, policy mandates and evolving consumption trends</li><li>Strategic significance stems from the industry's volume challenges, market share shifts towards fresh categories and the imperative for portfolio adaptation and M&amp;A to navigate these structural changes</li><li>Listeners should anticipate increased M&amp;A activity to drive growth, continued market share shifts towards healthier and omnichannel offerings and critical supply chain adjustments in response to tariffs on key ingredients</li></ul>

In this episode, we turn our attention to the U.S. food industry, which is grappling with changing consumer habits, the impact of GLP-1 drugs, the “Make America Healthy Again” campaign — and, yes, tariffs. Join host Lucy Baldwin and food products &amp; producers analyst Thomas Palmer as they discuss how the industry has evolved since the pandemic, which trends are driving current buying habits, which companies are faring better or worse, and what M&amp;A prospects look like in the coming year. &nbsp;This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Lucy Baldwin is a Managing Director and Global Head of Citi Research. She is responsible for managing Citi's global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse, she was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector. She graduated from the University of Birmingham in Economics. Lucy serves as a member of Council for the University of Birmingham and sits on the Investment Sub-committee. Additionally, she is a member of the Advisory Council for the Mossavar-Rahmani Centre for Business and Government at the Harvard Kennedy School.&nbsp;

Lucy Baldwin, Head of Citi Research

Tom Palmer, CFA, is a Senior Analyst with Citi Research covering the Food Producers space. Prior to joining Citi in November 2023, Tom spent nine years at J.P. Morgan covering the Food Producers and Food Retail sectors. Tom began his career in institutional sales at Roth Capital. Tom holds a Master’s of Business Administration degree with Distinction from the Johnson Graduate School of Management at Cornell University and a Bachelor of Arts degree in Math and Economics from Lafayette College. He is a CFA Charterholder.

Thomas Palmer, U.S. Food Products & Producers Analyst, Citi Research

In this episode, we turn our attention to the U.S. food industry, which is grappling with changing consumer habits, the impact of GLP-1 drugs, the “Make America Healthy Again” campaign — and, yes, tariffs. Join host Lucy Baldwin and food products &amp; producers analyst Thomas Palmer as they discuss how the industry has evolved since the pandemic, which trends are driving current buying habits, which companies are faring better or worse, and what M&amp;A prospects look like in the coming year. &nbsp;

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E31: Snack Attack — The U.S. Migration to a Healthier Diet

<ul><li>Citi Research, featuring Kate Moore, CIO for Citi Wealth, addresses navigating complex market conditions, including tariff uncertainty, capital flows and shifting asset correlations</li><li>Strategic significance lies in addressing the inadequacy of traditional 60:40 portfolios in current volatile markets, necessitating creative approaches to risk-adjusted returns and a focus on non-country-specific tariff impacts</li><li>Stakeholders should anticipate continued market uncertainty, data-dependent policymakers offering no near-term rescue and the need for creative wealth management strategies focusing on risk-adjusted returns</li></ul>

Kate Moore joined Citi Wealth earlier this year as Chief Investment Officer. In this episode, Kate shares her thoughts on the challenge of advising clients in the current market environment amid broadening signs of stress.&nbsp;She also offers insights on the tariff implications across key sectors such as pharmaceuticals and autos; assesses the recent equity market rotations out of the U.S. into Europe; and explains how Citi Wealth looks to help its clients optimize their portfolios beyond the traditional 60:40 mix of stocks and bonds.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Kate Moore, Chief Investment Officer of Citi Wealth, joined in February 2025 and is responsible for overseeing and delivering Citi Wealth's investment and portfolio strategy, including asset allocation.Prior to joining Citi Wealth, Kate was the Head of Thematic Strategy and a Portfolio Manager for the Global Allocation Fund at BlackRock. She originally joined BlackRock as Chief Equity Strategist and later founded and served as executive sponsor of the firm's Women in Investments group. Previously, she held senior investment positions at J.P. Morgan, Bank of America Merrill Lynch, Moore Capital, and Morgan Stanley.Kate holds a Bachelor of Arts in Political and Social Thought from the University of Virginia where she currently serves on the Board of Managers of the Alumni Association. She also holds a master's degree in political economy from the University of Chicago. Kate also is on the Leadership Council and Investment Committee for Robin Hood, the Board of Trustees for the Lawrenceville School, and the Resource Council for the Grand Teton National Park Foundation.

Kate Moore, Chief Investment Officer, Citi Wealth

Kate Moore joined Citi Wealth earlier this year as Chief Investment Officer. In this episode, Kate shares her thoughts on the challenge of advising clients in the current market environment amid broadening signs of stress.She also offers insights on the tariff implications across key sectors such as pharmaceuticals and autos; assesses the recent equity market rotations out of the U.S. into Europe; and explains how Citi Wealth looks to help its clients optimize their portfolios beyond the traditional 60:40 mix of stocks and bonds. &nbsp;

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E32: Inside Wealth with Kate Moore

<ul><li>Citi Research analyzes the U.S. economy's current state, addressing conflicting signals from soft versus hard data, the economic impact of escalating tariffs and the Federal Reserve's complex policy challenges</li><li>Strategic significance arises from the U.S. confronting an unprecedented "stagflationary shock" due to rising tariffs, which are projected to induce slower growth and higher inflation, posing a critical policy dilemma for the Federal Reserve</li><li>Stakeholders should anticipate the full economic impact of tariffs in coming months, a potential rise in unemployment signaling a dovish Fed response, and policymakers vigilantly monitoring liquidity amidst inflation risks</li></ul>

Rob Rowe talks with Chief U.S. Economist Andrew Hollenhorst on his assessment of the U.S. economy following the April jobs report and May FOMC meeting. On the one hand, survey results (“soft” data) suggest that consumers are worried about job prospects and are reining in their spending, and that businesses might exercise restraint on hiring and investment. On the other hand, actual consumer spending and employment numbers (“hard” data) are robust, supporting the sustained narrative of a resilient economy. But as Andrew argues, the impact of the early-April tariffs, the DOGE layoffs, and a generally slowing economy have yet to be felt, and the soft data is signaling that some concern is warranted about where things might go from here.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Andrew Hollenhorst leads Citi Research’s U.S. Economics Team and is responsible for Citi’s views on the U.S. economy and monetary policy. The team endeavors to tie its views on economic fundamentals to outcomes in financial markets.&nbsp;&nbsp;Prior to his current role, he initiated Citi’s coverage of short-term interest rate markets and worked on cross-asset investment strategies. Andrew holds a PhD in economics from UCLA and a BA in math and economics from UC Berkeley.

Andrew Hollenhorst, Chief U.S. Economist, Citi 

Rob Rowe talks with Chief U.S. Economist Andrew Hollenhorst on his assessment of the U.S. economy following the April jobs report and May FOMC meeting. On the one hand, survey results (“soft” data) suggest that consumers are worried about job prospects and are reining in their spending, and that businesses might exercise restraint on hiring and investment. On the other hand, actual consumer spending and employment numbers (“hard” data) are robust, supporting the sustained narrative of a resilient economy. But as Andrew argues, the impact of the early-April tariffs, the DOGE layoffs, and a generally slowing economy have yet to be felt, and the soft data is signaling that some concern is warranted about where things might go from here.

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E33: U.S. Economy Vital Signs — Making Sense of Recent Data

<ul><li>Global data center demand is forecast to remain strong through 2030, primarily driven by the need for AI infrastructure investment and high-performance compute, despite some near-term market uncertainty and supply limitations.</li><li>The analysis indicates that surging AI chip demand directly translates into the need for more physical data center capacity, providing a fundamental, supply-based conviction in the multi-year growth opportunity for digital infrastructure globally.</li><li>While a future digestion phase from overbuilding is a risk, it is not anticipated until 2028-2029; the data center forecast for 2030 remains robust, as most current development projects are highly pre-leased.</li></ul>

Anne Malone talks with communications services and infrastructure analyst Michael Rollins about doubts that have crept into the markets concerning the pace of demand growth for data centers. A number of factors are spurring these doubts, from lower-cost Large Language Models and supply limitations to uncertainties about the macro environment and tariffs. Michael explains why we’re staying positive on the pace of demand through 2030, notes the difficulties in quantifying that demand, and offers insights into the methodology developed by Citi for estimating demand, which is based on the premise that “the chips have to go somewhere.”This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Anne Malone, Head of North America and Latin America Equity Research

Michael Rollins is a Managing Director at Citi Research covering the Communications Services and Communications Infrastructure sectors, including wireless, cable, wireline, fiber, data centers, towers, and satellite. Over the past few years, Michael has published a number of collaborative and thematic research ideas leveraging Citi’s global research platform on topics such as spectrum, the economics of mobile and broadband services, and emerging technologies within the sector. Prior to joining Citi in 2000, Michael covered the Wireless sector at JP Morgan, starting in 1996 as an associate to analyst in 1998.

Michael Rollins, Communications Services & Infrastructure

Anne Malone talks with communications services and infrastructure analyst Michael Rollins about doubts that have crept into the markets concerning the pace of demand growth for data centers.&nbsp;

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E34: Follow the AI Chips to the Data Centers

<ul><li>Citi maintains its "Overweight Europe" stance, as major defense and infrastructure stimulus is expected to boost annual earnings growth by three percentage points, altering the region's long-term economic trajectory.</li><li>This structural shift could transform European equities from a tactical trade into a core long-term holding for global investors, potentially adding two points to the P/E multiple and attracting sustained capital inflows.</li><li>Investors should consider domestically-exposed European cyclicals, value stocks, and mid-caps. Beaten-up sectors like Basic Resources, Autos, and Healthcare are highlighted as showing significant potential for rerating.</li></ul>

European equities have gone from being “most unloved” among global equities late last year, to being a source of diversification from U.S. equities, and most recently to being a destination for roughly $26 billion of inflows so far in 2025. What is behind this remarkable comeback? Is it temporary or transformative? Does it still have legs, and what are the risks? Join host Elise Badoy as she tackles these and other key questions with Head of European Equity Strategy Beata Manthey.&nbsp;This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Beata Manthey is Head of European Equity Strategy in Citi Research. She joined Citi in 2007 as a Global Equity Strategist. Beata is part of a team that focuses on broader equity market issues. Prior to joining Citi, she worked at the European Bank for Reconstruction &amp; Development. Beata graduated from the Warsaw School of Economics and holds a PhD in Economics from University College London.

Beata Manthey, Head of European Equity Strategy

European equities have gone from being “most unloved” among global equities late last year, to being a source of diversification from U.S. equities, and most recently to being a destination for roughly $26 billion of inflows so far in 2025. What is behind this remarkable comeback? Is it temporary or transformative? Does it still have legs, and what are the risks? Join host Elise Badoy as she tackles these and other key questions with Head of European Equity Strategy Beata Manthey.

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E35: European Equities — What’s the Next Trade?

<ul><li>Key disruptive threats to the banking industry include the continued growth of private credit markets and the critical need for modernized, 24/7 real-time cross-border payment systems to replace legacy infrastructure.</li><li>Banks can partner with new financial utilities to offer real-time wholesale payments, potentially lowering capital requirements. Retaining core deposits and fees remains crucial for profitability as the private credit market expands.</li><li>The outlook for financial services M&amp;A is bullish, particularly for smaller banks under $100 billion in assets. An increase in deal activity is expected, driven by lower premiums and faster regulatory approvals.</li></ul>

Anne Malone talks with U.S. Large Cap Banks Analyst Keith Horowitz about takeaways from Citi’s Beyond the Basics conference, recently held in Napa. A key focus of the conference was disruptive trends for banks and financial-services companies, with banks’ payments franchise and growth in private credit markets two topics of major concern. Deregulation was also a frequent topic of conversation in Napa. But when talking deregulation, what’s the dividing line between hype and actual benefits for banks?This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Keith Horowitz is a Managing Director at Citi Research covering the U.S. Large-cap Banks and Brokers. Prior to joining Citi in 2000, Keith was an Associate Analyst for Prudential Securities with the U.S. Large-Cap Banking team. Since then, he has picked up coverage of the regional banks (1999), large-cap banks (2006), brokers (2009), and trust banks (2014). Prior to working in equity research, Keith was an Auditor at KPMG Peat Marwick and a Management Consultant at Coopers &amp; Lybrand Consulting.

Keith Horowitz, U.S. Large-Cap Banks Analyst

Anne Malone talks with U.S. Large Cap Banks Analyst Keith Horowitz about takeaways from Citi’s Beyond the Basics conference, recently held in Napa.&nbsp;&nbsp;

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E36: Beyond the Basics in Financial Services

<ul><li>U.S. fiscal policy is set for a major overhaul with the “Big Beautiful Bill,” which extends individual U.S. tax cuts and introduces new ones, largely offset by significant new tariffs to maintain a flat deficit.</li><li>The dual approach of tax cuts and tariffs creates a mixed economic outlook for 2025, aiming to boost growth while managing the deficit, though the tariff impact on the economy could introduce inflationary pressures and slow manufacturing.</li><li>While the bill is expected to pass by mid-summer, key details remain uncertain. The Federal Reserve is expected to begin cutting rates in July in response to a projected rise in unemployment, adding another layer of complexity.</li></ul>

Rob Rowe talks with Veronica Clark of the U.S. Economics team about how the U.S. economy could be affected by tax-policy changes in the House reconciliation bill and by the imposition of tariffs. They discuss the uncertainties around these issues, how economists navigate those uncertainties, and what the Fed will be looking at in considering its monetary-policy path.&nbsp;This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe, US Regional Director of Research, Citi

Veronica Clark first joined Citi Research in 2015 and is now an Economist on the US Economics team, primarily covering US economic data and forecasting. She also is the primary Economist for Canada. Prior to joining the team, she worked in Emerging Markets Strategy and G10 Short Term Interest Rate Trading.

Veronica Clark, US Economics Analyst, Citi

Rob Rowe talks with Veronica Clark of the U.S. Economics team about how the U.S. economy could be affected by tax-policy changes in the House reconciliation bill and by the imposition of tariffs. They discuss the uncertainties around these issues, how economists navigate those uncertainties, and what the Fed will be looking at in considering its monetary-policy path.&nbsp;

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E37: US Economy – Debt, Duty & Dollars

<ul><li>The renewable energy outlook is strong despite policy headwinds. Citi Research highlights an era of "energy addition," where renewables and clean tech, including solar and wind power, will be crucial for meeting rising global energy demand.</li><li>While the Inflation Reduction Act has spurred domestic manufacturing, significant innovation in nuclear energy, backed by bipartisan support, positions it as a key, long-term power source for meeting AI and data center energy demand.</li><li>Future growth requires navigating China's dominance in the energy storage supply chain and scaling new technologies like Small Modular Reactors (SMRs), which are expected to become a cost-competitive, clean power source beyond 2030.</li></ul>

Rob Rowe talks with Alternative &amp; Renewable Energy Analyst Vikram Bagri about the role of renewables in meeting the energy needs of the world. They touch on tariffs and other implications of U.S. policy, dependence on China, the innovation under way in the nuclear space, and the overall market environment for renewables.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Vikram Bagri is a Director at Citi Research covering the Alternative Energy, Renewables and Refining sectors in North America, having re-joined the firm in 2023. &nbsp;Prior to this, he has over a decade of experience on the sell-side covering the Engineering &amp; Construction, Exploration &amp; Production, Midstream Energy and Refining sectors at firms such as Citi, Jefferies and Needham &amp; Company.&nbsp;

Vikram Bagri, Author's Coverage Sector: Alternative & Renewable Energy, Citi Research

Rob Rowe talks with Alternative &amp; Renewable Energy Analyst Vikram Bagri about the role of renewables in meeting the energy needs of the world. They touch on tariffs and other implications of U.S. policy, dependence on China, the innovation under way in the nuclear space, and the overall market environment for renewables.

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E38: Renewable Energy — Headwinds and Tailwinds

In our latest Research @ Citi podcast, Head of Research Lucy Baldwin sits down with Luis Costa, Head of Emerging Markets Strategy, to discuss Latin America and the political and economic-policy backdrop. Investors are still navigating the evolving tariffs framework for emerging markets, with central banks staying cautious. But equities have rebounded since a fairly tough 2024 and countries such as Brazil have found a middle ground between China and the West without too much conflict or noise.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Lucy Baldwin is a Managing Director and Global Head of Research at Citi. Lucy is responsible for managing Citi’s global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse Lucy was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector.

Luis Costa is the Global Head of EM Strategy. He has been covering the CEEMEA markets, from both hard currency and local currency perspectives, for over 20 years. Prior to joining Citi Research, Luis worked at Commerzbank and at ING Wholesale Banking on EM Strategy positions. Luis has also worked on the buy-side, first as a local markets proprietary trader at FleetBoston in Sao Paulo, Brazil, and later as a EM structured products trader at Delta National Bank in New York.

Luis Costa, Global Head of Emerging Market Strategy

In our latest Research @ Citi podcast, Head of Research Lucy Baldwin sits down with Luis Costa, Head of Emerging Markets Strategy, to discuss Latin America and the political and economic-policy backdrop. Investors are still navigating the evolving tariffs framework for emerging markets, with central banks staying cautious. But equities have rebounded since a fairly tough 2024 and countries such as Brazil have found a middle ground between China and the West without too much conflict or noise.

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E39: Latin America – Where Politics Meets Prosperity

<ul><li>The "Big Beautiful Bill" proposes extending tax cuts but faces significant congressional debate over spending and SALT deductions, creating fiscal policy uncertainty and potential market volatility ahead of a proposed July 4 deadline.</li><li>Citi analysis projects the bill will sustain high fiscal deficits near 6% of GDP. This structural deficit, driven by tax cuts and rising debt service costs, poses long-term risks to U.S. economic stability.</li><li>The resulting policy mix presents a stagflationary challenge for the Federal Reserve, likely leading to a net drag on U.S. economic growth despite short-term stimulus from tax cuts and deregulation efforts.</li></ul>

In our latest Research @ Citi podcast, U.S. Director of Research Rob Rowe sits down with Rob Sockin of our Global Economics team to discuss the Big Beautiful Bill being debated by Congress and the many things connected to it. Among their conversation topics are the revenue effects of tariffs and tax cuts, U.S. deficits and how markets are looking at government debt levels world-wide, and the Fed’s path.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Robert Sockin joined Citigroup as a Global Economist in June 2022. Robert previously worked at Citi as an economist from 2011 to 2014. He has extensive experience in both financial markets and economic policy. Most recently, Robert was a Senior Economist at SPX Capital covering the US and Canadian economies. Robert also worked as an economist at UBS, a policy advisor at the US Treasury Department, and started out his career researching global trade in the International Finance Division at the Federal Reserve Board of Governors. In addition to being cited in policy reports and academic papers, Robert’s work has been covered in major media outlets including The Financial Times and Wall Street Journal.Robert has a Master’s degree in economics from New York University and a Bachelor’s degree from Columbia University. &nbsp;

Robert Sockin, Global Economist, Citi

In our latest Research @ Citi podcast, U.S. Director of Research Rob Rowe sits down with Rob Sockin of our Global Economics team to discuss the Big Beautiful Bill being debated by Congress and the many things connected to it. Among their conversation topics are the revenue effects of tariffs and tax cuts, U.S. deficits and how markets are looking at government debt levels world-wide, and the Fed’s path.

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E40: Big Beautiful Bill - Where is it Heading?

<ul><li>Latin American equities are attracting significant foreign investment, driven by a global rotation trade into markets like Brazil, which offer strong performance, attractive valuations, and lower geopolitical risk than other emerging markets.</li><li>The region's strategic appeal is enhanced by the near-shoring trend benefiting Mexico and its favorable trade position, offering investors diversification and insulation from geopolitical tensions seen in other parts of the world.</li><li>Investors are watching for key catalysts, including the upcoming USMCA trade renegotiation, potential interest rate cuts in Brazil, and a cycle of major elections in Chile, Colombia, and Brazil through 2026.</li></ul>

In our latest Research @ Citi podcast, U.S. Director of Research Rob Rowe sits down with Director of Latin America Equity Research Andre Mazini to discuss Latin America's markets. Topics of discussion include the global rotation trade, tariffs and trade agreements, China's influence in the region and upcoming elections.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research. &nbsp;In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.&nbsp;

Andre ranked as a #1 Analyst in the Cement &amp; Construction and Real Estate sectors of the 2023 Institutional Investor Latin America Research Poll. &nbsp;Andre has a Bachelor of Arts in Economics from PUC-Rio de Janeiro and a Master of Arts from EESP-FGV Institute, São Paulo. He is also a CFA Charterholder.&nbsp;

Andre Mazini, Director of Latin America Equity Research and Lead Analyst for Real Estate & Construction, Capital Goods, and Brazil Strategy within LATAM Equity Research, Citi

In our latest Research @ Citi podcast, U.S. Director of Research Rob Rowe sits down with Director of Latin America Equity Research Andre Mazini to discuss Latin America's markets. Topics of discussion include the global rotation trade, tariffs and trade agreements, China's influence in the region and upcoming elections.

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E41: Riding the Rotation — Latin America’s Untapped Potential  

<ul><li>Citi Research outlines a shifting commodities outlook, forecasting significant upside for aluminum and uranium driven by AI and energy transition demand, while adopting a bearish long-term gold price forecast for 2026.</li><li>This contrarian gold forecast challenges market consensus, suggesting investment demand will fade as U.S. growth sentiment improves, while the bullish aluminum view highlights critical supply constraints amid a technology-driven demand boom.</li><li>Investors should monitor the Fed’s potential move to neutral rates, which could reduce gold's appeal, while aluminum's supply-demand deficit is expected to widen significantly through 2026-2028, creating investment opportunities.</li></ul>

What are the dynamics Citi Research sees as driving gold prices? Is the selloff in oil markets done? Why is aluminum considered “power in the form of metal?” In the latest Research @ Citi podcast, Global Head of Research Lucy Baldwin and Global Head of Commodities Research Max Layton discuss factors investors should consider across the commodities complex.&nbsp;This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Lucy Baldwin is a Managing Director and Global Head of Research at Citi. Lucy is responsible for managing Citi’s global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse Lucy was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector.

Max Layton is Global Head of Commodities Research at Citi. Max was previously a Managing Director and Head of European Commodities Research at Goldman Sachs. He has also held positions as Deputy Head of Commodities Research at Macquarie Bank and as a commodities economist at the Reserve Bank of Australia.

Max Layton, Global Head of Commodities Research

What are the dynamics Citi Research sees as driving gold prices? Is the selloff in oil markets done? Why is aluminum considered “power in the form of metal?” In the latest Research @ Citi podcast, Global Head of Research Lucy Baldwin and Global Head of Commodities Research Max Layton discuss factors investors should consider across the commodities complex.

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Research @ Citi Podcast

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