Research @ Citi

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”. 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. 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. 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). 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. 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. 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. 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. 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. 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. 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.