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This year kicked off with financial markets expecting multiple rate cuts from the Fed, as a slowing trend in jobs growth and easing inflation expectations closed out 2023.&nbsp;

E4: Inflation, Jobs, and the Path to U.S. Rate Cuts

Citi hosts will be joined by guest experts to offer a lens into the financial markets. Unpacking the most relevant and timely topics, delving into why they matter and how they impact investors and consumers. Listen on Spotify, Apple, or wherever you get your podcasts.

Research @ Citi

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China&rsquo;s once-staggering economic growth has stalled. It now faces myriad challenges, including persisting property market woes, rising geopolitical tensions and weak consumer demand. How China responds will have broad-reaching implications for the rest of the world. Join Lucy Baldwin, Global Head of Citi Research, and Johanna Chua, Citi&rsquo;s Head of Emerging Market Economics, as they discuss China&rsquo;s short- and long-term prospects, its policy responses and priorities, its trading-partner relationships, and whether it could suffer the same fate as 1990s Japan.&nbsp;
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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. &copy; 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.

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

Lucy Baldwin, Global Head of Citi Research

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

China&rsquo;s once-staggering economic growth has stalled. It now faces myriad challenges, including persisting property market woes, rising geopolitical tensions and weak consumer demand.&nbsp;

E1: Year of the Dragon—China’s Place in the World

The power grid is arguably the backbone of modern society. We&rsquo;re now at a critical convergence of soaring power demand from the digital economy &mdash; driven by the rise of electric vehicles, data centers, artificial intelligence (AI), and other technological advances &mdash; and an aging grid that requires significant improvement. The International Energy Agency estimates that power lines globally will need to double in length between now and 2050, and that&rsquo;s not including the old power lines that need to be replaced. Then there&rsquo;s the red tape that stands in the way of new construction, the challenge of integrating renewable energy, and the need for coordinated planning to modernize the grid &mdash; all of which point to unprecedented, structural supply-and-demand shocks.&nbsp;
Join Citi&rsquo;s Rob Rowe, Head of the Global Strategy and Macro Group and U.S. Regional Director of Research, and Anthony Yuen, Head of Energy Strategy in Commodities Research, as they unpack the complexities of the global power problem and discuss potential solutions, including long-duration energy storage, flexible supply, demand response, and the use of AI to help model and coordinate modern power grids.&nbsp;
This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. &copy; 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.
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Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the U.S. Regional Director of Research. GSMG unites all of Citi's economists with fixed income, FX, equity and commodities strategists to create a common team providing research on the world's major economies and asset classes. Rob has been with Citi for 30 years serving in various capacities. He originally joined Smith Barney Harris Upham &amp; Company in 1989, working in investment banking, fixed income sales and research.&nbsp; In addition to his managerial responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. He has written numerous articles and publications on fixed income and portfolio strategy.
<img src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/664c6dec4b3a00382128bf72.jpg" alt="image of Rob Rowe"> &nbsp;

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

Anthony Yuen is a Managing Director and Head of Energy Strategy, Commodities Research at Citi. He is responsible for energy/environmental, cross-commodity, and cross-asset strategies.&nbsp; He also directs energy strategy globally, from oil, natural gas/LNG and coal to power, renewables and emissions.&nbsp; He has led many cross-asset projects involving the upstream, midstream, downstream, utilities, petchem, and mining sectors.&nbsp; He was based in New York as the Head of Energy Strategy before coming to Asia.&nbsp; Prior to joining Citi in 2011, Anthony worked at McKinsey in the Greater China region and at Constellation Commodities Group in the U.S., where he was involved in the strategies and trading functions. He previously held research and teaching positions at the University of Pennsylvania and was a faculty member of Columbia University. Widely cited in the media, he is frequently invited to speak at major organizations and conferences, including the Aspen Institute, Brookings, Carnegie Endowment, CSIS, IEA/OPEC/IEF, IIF, KAPSARC, MIT, and NREL, among others. He was a reviewer of IEA&rsquo;s World Energy Outlook and World Energy Investments, and has advised the U.S, EIA.
Anthony received his bachelor&rsquo;s and his master&rsquo;s degrees in engineering (electrical/computer/photonics) from the University of Toronto, and his Ph.D. in Economics from the University of Pennsylvania. He is a member of and was an Ambassador Lecturer for the Society of Petroleum Engineers.
<img src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/664c6e387efdbd75e99fa31b.jpg" alt="image of Anthony Yuen"> &nbsp;

Anthony Yuen, Head of Energy Strategy, Commodities Research  

The power grid is arguably the backbone of modern society. We&rsquo;re now at a critical convergence of soaring power demand from the digital economy &mdash; driven by the rise of electric vehicles, data centers, artificial intelligence (AI), and other technological advances &mdash; and an aging grid that requires significant improvement. The International Energy Agency estimates that power lines globally will need to double in length between now and 2050, and that&rsquo;s not including the old power lines that need to be replaced. Then there&rsquo;s the red tape that stands in the way of new construction, the challenge of integrating renewable energy, and the need for coordinated planning to modernize the grid &mdash;all of which point to unprecedented, structural supply-and-demand shocks.

E2: Gridlock—The Global Power Problem

The current state of the U.S. housing market can be traced back to the Global Financial Crisis (GFC). The ensuing retreat of builders and lenders resulted in housing starts trending below a pre-GFC average that had persisted for several decades &mdash; in an America with a much smaller population. Then the pandemic hit, which stimulated substantial demand as Americans worked and schooled from home and moved to different parts of the country. On the supply side, a shortage of building products and labor put the brakes on construction. Fast forward to 2024, and current benchmark mortgage rates mean that many homeowners locked in at lower rates are not keen to sell. All of this adds up to a housing market where affordability is near all-time lows. But is the U.S. housing market actually broken?
Join Citi&rsquo;s Rob Rowe, Head of the Global Strategy and Macro Group and U.S. Regional Director of Research, and Anthony Pettinari, U.S. Homebuilding and Building Products Analyst, as they tackle this critical question, not only from an economic standpoint but also from the perspective of demographics, geography, and even the tail risks around insurance rates amid climate change.&nbsp;
This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. &copy; 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.
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Anthony Pettinari is the U.S. Packaging, Homebuilding and Building Products Analyst for Citi Research. Prior to joining Citi in 2006, Anthony was a management consultant, holding roles at Deloitte Consulting and Merck &amp; Co. Prior to launching coverage on the Packaging sector in 2010, he was a member of Citi&rsquo;s #1 Institutional Investor&ndash;ranked Chemicals research team.
Anthony has been recognized by the Institutional Investor All-America Research survey every year since 2016. In 2023, he was recognized by TipRanks as one of the top 10 Consumer Goods sector analysts of the past decade.
Anthony received his Master&rsquo;s degree from Columbia University and his Bachelor's degree from the University of Washington.
<img src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/665ee0ea8db79b4f8e8dbc64.jpg" alt="image of Anthony Pettinari "> &nbsp;

Anthony Pettinari, Homebuilding and Building Products Analyst

The current state of the U.S. housing market can be traced back to the Global Financial Crisis (GFC). The ensuing retreat of builders and lenders resulted in housing starts trending below a pre-GFC average that had persisted for several decades &mdash; in an America with a much smaller population.&nbsp;
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E3: Is the U.S. Housing Market Broken?

This year kicked off with financial markets expecting multiple rate cuts from the Fed, as a slowing trend in jobs growth and easing inflation expectations closed out 2023. But the first quarter revealed a series of upside surprises to inflation, giving rise to the prospect that interest rates might well remain &ldquo;higher for longer&rdquo;.&nbsp; Why has everyone &mdash;from policymakers to pundits &mdash;consistently underestimated inflation this time around?
Join Citi&rsquo;s Lucy Baldwin, Global Head of Citi Research, and Andrew Hollenhorst, U.S. Chief Economist, as they break down the dynamics of the current environment, including why the labor market is the linchpin for the economy overall.
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. &copy; 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.

Lucy Baldwin is a Managing Director and Global Head of Citi Research. She is responsible for managing Citi&rsquo;s global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse, she was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector. She graduated from the University of Birmingham in Economics. Lucy serves as a member of Council for the University of Birmingham and sits on the Investment Sub-committee. Additionally, she is a member of the Advisory Council for the Mossavar-Rahmani Centre for Business and Government at the Harvard Kennedy School.
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Andrew Hollenhorst leads Citi Research&rsquo;s U.S. Economics Team and is responsible for Citi&rsquo;s views on the U.S. economy and monetary policy. The team endeavors to tie its views on economic fundamentals to outcomes in financial markets. Prior to his current role, he initiated Citi&rsquo;s coverage of short-term interest rate markets and worked on cross-asset investment strategies.
Andrew holds a PhD in economics from UCLA and a BA in math and economics from UC Berkeley.
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Andrew Hollenhorst, U.S. Chief Economist, Citi Research

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