Research @ Citi

U.S. Regional Director of Research Rob Rowe and Veronica Clark, Senior U.S. Economist, discuss the U.S. government shutdown, how it may affect the U.S. economy, and the Fed's possible reaction. <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.

Beata Manthey, Head of European Equity Strategy, and David Groman, Senior Global Equity Strategist, discuss why they see volatility in store for the markets. Headwinds like the latest U.S.–China trade tensions and a slowing U.S. labor market are in a tug of war with tailwinds from expected Fed rate cuts and AI enthusiasm. Corporate earnings reporting kicks into gear this week, and with expectations high while valuations are stretched, how well companies deliver against those expectations is likely to fuel volatility further still. <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.

Are U.S. consumers still consuming? That's the central question at hand in our latest Research @ Citi podcast. North America Head of Research Anne Malone and U.S. Broadlines and Hardlines Retail Analyst Steven Zaccone discuss the state of the U.S. consumer, considering everything from tariff effects and the macro backdrop to how AI may change e-commerce. <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.

In the latest Research @ Citi Markets Edition podcast, Citi’s Global Head of Macro Strategy Dirk Willer and Adam Pickett, Global Quant Macro Strategy, address investors’ questions about whether equity markets are in a bubble. We think it is, and explain why, starting with how one defines a bubble. <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.

In the latest Research @ Citi podcast, North America Head of Equity Research Anne Malone sits down with Internet Analyst Ron Josey to discuss the potential effects of AI on the internet sector. Conversation topics included the ever-increasing pace of both innovation and disruption, how the internet user experience may change, and early signs of a return on investment. <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.

In the latest Research @ Citi Markets Edition podcast, Head of U.S. Equity Strategy Scott Chronert sits down with Drew Pettit, U.S. Equity Strategy, to look at AI’s impact on U.S. equities. They consider that in terms of three components: the stock market vs. the economy, AI in the market, and finally AI’s impact on the market. <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.

Anne Malone, head of North America Equity Research, sits down with Geoff Meacham, U.S. pharma and biotech research analyst and head of healthcare research, for a conversation about forces shaping biotech. Topics discussed include the future of GLP-1s, how AI is (and isn't) reshaping biotech, and what the impact of tariffs may be. <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.

In the latest Research @ Citi Markets Edition podcast, Global Head of Macro Strategy Dirk Willer and Global Head of Quant Macro Strategy Alex Saunders discuss what the Fed’s rate cuts could mean for the U.S. economic outlook and various assets, how the labor market and tariffs could affect the economic picture, and the recent strength shown by Asian equities. <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.

Rob Rowe, U.S. Regional Director of Research, and Chief Economist Nathan Sheets discuss the findings of Citi’s recent Must C report on productivity and the AI revolution. Topics of discussion include the deployment of AI and its implications for productivity, what we can learn from previous technological adoptions, and if a critical mass of adoption is needed to drive productivity gains. <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.

Beata Manthey, Head of European Equity Strategy, and David Groman, Senior Global Equity Strategist, discuss what's driving global equity markets and whether we could see further gains. Topics discussed include the macro backdrop, what's driving divergence within regions, and the case for European equities. <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.

Rob Rowe, Citi's U.S. Director of Research, sits down with Rajeeb Hazra, CEO of Quantinuum, to discuss quantum computing. Topics covered range from the basis of this technology to where the industry is headed, the challenges it faces, and how quantum computing could help companies save billions. <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. Third-party opinions expressed in this podcast are solely those of the speaker and do not represent the views of Citi. 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.

In this Research @ Citi Markets Edition, global macro strategists Dirk Willer and Adam Pickett examine three topics: the state of the U.S. economy and equity markets, the outlook for the FOMC roster and its impact on rates and FX, and the debates around tariffs — their legality and potential lagged inflationary impact. <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.

Citi Head of Research Lucy Baldwin sits down with Heath Terry, Head of Tech and Communications Research, to discuss AI as the apex technology of the Information Age. Topics discussed include the pendulum swings in investors’ views of AI, what we’re learning from AI use cases, the future of the enterprise tech stack, and the critical role of private companies. <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.

The Research @ Citi Markets Edition delivers incisive insights into what’s shaping the financial markets today. In this inaugural edition, U.S. equity strategist Scott Chronert explains what underpins his structural bull case for the S&P 500, and why maintaining a longer-term perspective amid cyclical gyrations is especially important now that the market has begun to respond to AI investment. <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.

Rob Rowe, U.S. Regional Director of Research and Head of Global Strategy and Macro Group, sits down with Chief U.S. Economist Andrew Hollenhorst for a discussion of the U.S. economy and the Fed. They break down how recent payrolls revisions have changed the narrative around the U.S. labor market and look at the effects of tariffs on consumer prices. And what does all this mean for the Fed's path? <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.

Anne Malone, North America Head of Research, sits down with Scott Gruber, who covers the U.S. Exploration and Production & U.S. Oilfield Services and Equipment Sectors, to discuss hot topics for Citi's Global Energy Conference in Las Vegas. Atop the list is AI, which has become the most important theme in the energy industry today, with the industry having made progress in tackling how to safely expand power-generation capacity in the U.S. <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.

Brent Robinson sits down with Josh Williamson and Faraz Syed to discuss how Australia and New Zealand are faring amid current uncertainties. Conversation topics include potential U.S. tariffs, trade relations with China, Australia’s monetary-policy path, and whether it and New Zealand can be safe havens for investors <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.

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. <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.

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. <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.

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. <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.

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. <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.

Rob Rowe talks with Alternative & 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. <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.

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. <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.

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? <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.

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. <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.

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.” <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.

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. <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.

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. <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.

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 & 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&A prospects look like in the coming year. <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.

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. <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.

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. <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.

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

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. 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”. <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.

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. 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. <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.

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 & Retail Conference (March 9 – 11) in South Florida to discuss the trends impacting consumers as well as the retailers in their stock coverage.<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.

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). <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.

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

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. <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.

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 & South Asia, as he discusses this topic in detail with Johanna Chua, Head of Emerging Markets Economics. <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.

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. <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.

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&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. <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.

Cybersecurity and its attendant threats have undergone a renaissance in the last decade. Enterprise cloud adoption, a work-from-anywhere culture, and greater Internet connectivity among devices have brought myriad benefits — and risks. As a result, cybersecurity is no longer a tactical investment but a strategic one that demands the attention of executive boards and heads of state. Join Citi’s Fatima Boolani, Co-Head of U.S. Software Research, as she talks to Lucy Baldwin about this fast-evolving space and its implications for consumers, investors, corporations and governments. <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. © 2024 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.

Citi’s Global Healthcare Conference is under way, and there’s no shortage of topics for discussion. In this episode, healthcare analysts Geoff Meacham and Joanne Wuensch chat with Lucy Baldwin about developments in their respective sectors, including policy implications from the incoming Trump administration, new indications for GLP-1 drugs, upbeat outlooks for innovation and M&A, demographics as a driver of demand, and the impact of China. <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. © 2024 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.

The global industrials sector is being reshaped by a series of distinct — yet interrelated — tectonic shifts, with critical implications for industrial policy and corporate strategy. Rising protectionism, fallout from the war in Ukraine, lingering effects from the pandemic, technology disruption, and the green transition all make for a complex set of challenges — and opportunities. Join Lucy Baldwin and Martin Wilkie, Co-Head of Industrial Tech & Mobility at Citi Research, as they examine each of these shifts in detail and discuss what it will take to navigate them successfully. <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. © 2024 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.

The UK economy is broadly perceived to have stagnated, its growth having fallen behind that of many peer nations. Productivity growth in particular has shifted from moving in lockstep with the U.S. to decoupling from it since the Global Financial Crisis. What’s behind the UK’s lackluster performance? And what’s needed to change its trajectory? Join Lucy Baldwin and Citi’s Chief UK Economist Ben Nabarro as they look under the hood of the UK economy and discuss its prospects for charting a better path. <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. © 2024 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.

Donald Trump was elected to a second U.S. presidential term this week as the world watched the results unfold into the early hours of Wednesday morning. In this special edition of Research @ Citi, Rob Rowe is joined by Scott Chronert, Head of U.S. Equity and ETF Strategy, and Dan Tobon, Head of G10 FX Strategy, to discuss how the financial markets were trading in the runup to the election, and what they’ll likely be focusing on in a second Trump administration. <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. © 2024 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.

Defense spending is on the rise amid the ongoing conflicts in Ukraine and the Middle East, and the United States is also looking to deter threats and avoid conflict elsewhere in the world. This has implications not only for traditional contractors but also for venture-backed companies that operate in the “defense tech” sector. Join Citi’s Rob Rowe, U.S. Regional Director of Research, and Jason Gursky, U.S. Aerospace & Defense Analyst, as they talk about the current spending priorities of the U.S. and its allies, how Silicon Valley is helping drive innovation in defense, and the importance of deploying assets in the ultimate high ground: space. <P. Read the related Must C report here: https://www.citigroup.com/global/insights/money-and-might-financing-the-future-of-defense <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. © 2024 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.

Despite media reports to the contrary, sustainable investment looks here to stay: an estimated $35 trillion in assets have a sustainable investment mandate. Why should investors care about extreme weather events, pollution, or food security? Because natural ecosystems underpin the functioning of a healthy economy and provide insights into key sectors dependent on natural capital. Join Citi’s Elise Badoy, Head of Europe, UK, Middle East and Africa Research, and Anita McBain, Head of Sustainable Investment Research, as they discuss the work Anita and her team are doing to understand how the sector is evolving, how investors are approaching it, and what 2025 is likely to bring. <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. © 2024 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.

America’s restaurant industry has endured dramatic change in recent years. Covid forced many restaurants to shut down, and the survivors had to adapt their operating models for a world of social distancing. Coming out of the pandemic, stimulus benefits, higher wages and asset prices, and steady employment brought a wave of discretionary spending that benefited restaurants. But since late 2023, cracks have appeared in the form of a bifurcation in the marketplace between high- and low-income consumers, with the latter in particular feeling the impact of inflation on discretionary spend. Meanwhile, changing attitudes toward health and wellness are starting to impact menu options. Join Rob Rowe, U.S. Regional Director of Research, and Jon Tower, U.S. Restaurant Analyst, as they discuss how the industry and its customers are responding to the shifting landscape, and how restaurants are likely to fare over the coming year. <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. © 2024 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.

Oil, Gold and Copper — the “Commodity Trinity” — are of particular interest to the financial markets given their importance to the global economy. Oil is a $3 trillion physical commodity market that influences geopolitics, inflation, currencies, and even bonds and equities. Gold is often viewed as a safe haven amid heightened concern over other asset classes. And copper plays a critical role in power transmission, infrastructure growth, and other major applications. But what are the underlying dynamics driving each of these markets today? Join Citi’s Elise Badoy, Head of Europe, UK, Middle East and Africa Research, and Max Layton, Head of Commodities Research, as they address this question and touch on how Max’s team approaches their analyses. <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. © 2024 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.