Season 1

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Research @ Citi Podcast

Transcript

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’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;

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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’re now at a critical convergence of soaring power demand from the digital economy — driven by the rise of electric vehicles, data centers, artificial intelligence (AI), and other technological advances — 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’s not including the old power lines that need to be replaced. Then there’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 —all of which point to unprecedented, structural supply-and-demand shocks.

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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 — in an America with a much smaller population.&nbsp;&nbsp;

/rcs/citigpa/storage/public/research_citi_ e03_transcript.pdf

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

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;

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

Exchange-traded funds, or ETFs, built their initial reputation as passive investment vehicles, and in that context they&rsquo;ve matured &mdash; with a tradable ETF for practically every passive index in the financial markets. But the entrepreneurial nature of the industry has redirected ETFs toward an actively managed path. This presents significant risks &mdash; and opportunities &mdash; for traditional asset managers and mutual fund complexes.
Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Scott Chronert, Head of U.S. Equity and ETF Strategy, as they explore the key factors that are driving this paradigm shift, and the implications for both institutional and retail investors.
Access the related Must C publication, Sizing the ETF Opportunity: From Passive Revolution to Active Evolution, <a href="https://www.citigroup.com/global/insights/sizing-the-etf-opportunity" target="_blank" rel="noopener" data-link-source="tiny">here</a>.
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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.
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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.

Scott Chronert is a Managing Director at Citi Research serving several roles, including U.S. Equity Strategist, Global Head of ETF Strategy &amp; Analysis, and U.S. Small/Mid Cap Strategy. Scott assumed the U.S. Equity Strategy role at Citi in October 2021. He brings a fundamental approach to assess the U.S. equity landscape. Regarding ETFs, Scott and his team have been at the forefront of sell-side, institutional-grade analysis of the ETF ecosystem since 2012. His product covers all facets of ETFs, including broader industry trends, flow analysis, and stock and market impacts, complemented with positioning views covering most asset classes and geographies. His work on U.S. Small/Mid Cap provides a blend of top-down and stock-specific insight. Scott also contributes to Citi&rsquo;s global equity strategy product. Prior to joining Citi Research in 2010, Scott spent more than 25 years in institutional equity sales and management roles (mostly at Citi).
Citi was named Global ETF Research Provider of the Year 2019 by ETFexpress.
Scott is a graduate of Dartmouth College (AB degree, 1978) and UCLA Graduate School of Management (MBA degree, 1980).

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

Exchange-traded funds, or ETFs, built their initial reputation as passive investment vehicles, and in that context they’ve matured — with a tradable ETF for practically every passive index in the financial markets. But the entrepreneurial nature of the industry has redirected ETFs toward an actively managed path. This presents significant risks — and opportunities — for traditional asset managers and mutual fund complexes.

/rcs/citigpa/storage/public/Research-Citi-E05_final_transcript.pdf

E5: How ETFs Will Earn More of Your Assets

After last year&rsquo;s strong holiday season, U.S. financial markets were concerned that this year&rsquo;s first-quarter retailer earnings might reveal a lull in consumer spending. Yet the results surprised mostly to the upside as consumption proved resilient. How will the U.S. consumer fare for the remainder of this year and into 2025? Which retailing categories are seeing stronger or weaker spending? 
Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Paul Lejuez, Head of Consumer Discretionary for Citi Research, as they delve into these questions against the current economic backdrop, and discuss how Paul and his team measure and forecast discretionary spending power.
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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.
&nbsp;

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

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

Paul Lejuez is a Managing Director at Citi Research covering Department Stores &amp; Specialty Softlines, Broadlines and Food Retailing sectors. Prior to joining Citi in 2015, Paul worked at Wells Fargo for 2+ years, Nomura Securities for ~3 years and Credit Suisse for 10+ years, always covering the retail sector. He began his career at Ernst &amp; Young LLC. Paul has a BS/MS degree in Accountancy from Wake Forest University. He is a CFA Charterholder, Certified Public Accountant and Certified Financial Planner.
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Paul Lejuez, Head of Consumer Discretionary, Citi Research

After last year’s strong holiday season, U.S. financial markets were concerned that this year’s first-quarter retailer earnings might reveal a lull in consumer spending. Yet the results surprised mostly to the upside as consumption proved resilient. How will the U.S. consumer fare for the remainder of this year and into 2025? Which retailing categories are seeing stronger or weaker spending? Join Citi’s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Paul Lejuez, Head of Consumer Discretionary for Citi Research, as they delve into these questions against the current economic backdrop, and discuss how Paul and his team measure and forecast discretionary spending power.

/rcs/citigpa/storage/public/research-citi_e06_ transcript.pdf

E6: U.S. Consumer — What’s in the Cart?

Research

Africa&rsquo;s share of global GDP is in the low single digits, but two factors in particular could prove transformative for its economy: positive population growth amid a shrinking world population, and the benefit of &ldquo;leapfrogging&rdquo;, where its nations can adopt new technologies faster as latecomers by skipping traditional development phases. Meanwhile, the post-COVID world has created significant challenges. Higher inflation led to a string of defaults and collapsing currencies, and some multinational corporations have pulled their operations. How can Africa stay on a growth trajectory as it manages its fiscal deficits? Who is investing there today, and are there still attractive opportunities? What about political risk?
Join Citi&rsquo;s Elise Badoy, Head of Europe, UK, Middle East and Africa Research, and David Cowan, Chief Africa Economist, as they tackle these questions and help us understand&nbsp; Africa&rsquo;s current state and prospects ahead.
For more details, see David&rsquo;s Citi GPS report,&nbsp;<a href="https://www.citigroup.com/global/insights/citigps/africa" target="_blank" rel="noopener" data-link-source="tiny">Africa: A New Growth Model</a>.
&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.

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

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

David Cowan is a Managing Director and Economist at Citi Research, covering Africa (excluding South Africa). Prior to joining Citi in 2007, David worked at the Economist Intelligence Unit in London for eight years, initially as a senior Economist covering Ghana, Nigeria, Tanzania, Zambia and Zimbabwe and then as Director of the Middle East and North Africa team, leading the coverage of Egypt and Morocco. Previously, David worked at the Bank of Botswana and the Saudi Arabian Ministry of Foreign Affairs. David has a PhD from the University of London and a BSc in Economics from the University of Bath.

David Cowan, Chief Africa Economist, Citi Research

Africa’s share of global GDP is in the low single digits, but two factors in particular could prove transformative for its economy: positive population growth amid a shrinking world population, and the benefit of “leapfrogging”, where its nations can adopt new technologies faster as latecomers by skipping traditional development phases. Meanwhile, the post-COVID world has created significant challenges. Higher inflation led to a string of defaults and collapsing currencies, and some multinational corporations have pulled their operations. How can Africa stay on a growth trajectory as it manages its fiscal deficits? Who is investing there today, and are there still attractive opportunities? What about political risk?

/rcs/citigpa/storage/public/research_-_citi_E07_transcript.pdf

E7: The Big Picture Across Africa

The digital transformation amounts to an ongoing shift from an economy that's characterized primarily by flows of physical &ldquo;stuff&rdquo; to one that&rsquo;s more focused on data and information. From dramatic improvements in communication to the onset of the creator economy, its impact extends well beyond technology and into downstream sectors like retail, media, and entertainment. How much is the digital transformation contributing to GDP? How is it impacting global trade? Will it reduce or exacerbate economic inequality? And who are the winners and losers of the prevailing trends?
Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Nathan Sheets, Global Chief Economist, as they dive into these questions and more in an engaging discussion on this timely topic.
&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.

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

Nathan Sheets, Global Chief Economist, Citi Research

The digital transformation amounts to an ongoing shift from an economy that's characterized primarily by flows of physical “stuff” to one that’s more focused on data and information.&nbsp;

/rcs/citigpa/storage/public/Research-Citi_E08_final_transcript.pdf

E8: The Digital Transformation of the Global Economy

As artificial intelligence, or AI, continues to grab headlines, enterprise software companies are looking to prioritize AI-related projects with a view to future-proofing their investments. Yet very few of these companies have AI revenue streams today. Meanwhile, generative AI in particular requires increasingly massive amounts of processing power, creating critical dependencies on &mdash;and bottlenecks from &mdash; supporting sectors like energy and semiconductors. When will the software sector reap the benefits of AI in earnest? Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research and Head of the Global Strategy and Macro Group, and Tyler Radke, U.S. Software Sector Co-Head and Senior Analyst, as they discuss the state of the software market, how companies are incorporating AI into their budgets, and how macroeconomic and geopolitical factors could impact growth in the sector.
Related report:&nbsp;<a href="https://www.citigroup.com/global/insights/the-digital-transformation-of-the-global-economy" data-link-source="tiny">The Digital Transformation of the Global Economy: Riding the Wave of Virtual Progress</a>
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.

As artificial intelligence, or AI, continues to grab headlines, enterprise software companies are looking to prioritize AI-related projects with a view to future-proofing their investments.&nbsp;

/rcs/citigpa/storage/public/Research-Citi_E09_final_transcript.pdf

E9: AI in Software — A Multiplier or Subtractor?

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&rsquo;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&rsquo;s team approaches their analyses.
&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.

Max Layton is Global Head of Commodities Research at Citi. Max was previously a Managing Director and Head of European Commodities Research at Goldman Sachs. He has also held positions as Deputy Head of Commodities Research at Macquarie Bank and as a commodities economist at the Reserve Bank of Australia. Max received his bachelor&rsquo;s degree in finance from Macquarie University, followed by a first-class honors degree in economics.

Max Layton, Head of Commodities Research

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.&nbsp;

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E10: What’s Next for Oil, Gold and Copper?

America&rsquo;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. &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.

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

Jon M. Tower is a Director at Citi Research covering the Restaurant sector. Jon has covered the restaurant industry on both the sell-side and the buy-side for the majority of his career. Prior to joining Citi in January 2022, Jon worked at Wells Fargo for over five years, Surveyor Capital for over three years, Morgan Stanley for over four years and CIBC World Markets for over two years. Jon holds a BS degree in Biochemistry from Union College (2001). He is a CFA Charterholder

Jon Tower, U.S. Restaurants Analyst

America&rsquo;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. &nbsp;
&nbsp;

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E11: U.S. Consumer — Dining Out or Dining In?

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&rsquo;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.
&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&nbsp;

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

Anita McBain is a Managing Director at Citi Research, heading Sustainable Investment Research. She joined Citi from M&amp;G Investments where she was Head of Responsible Investment &amp; ESG across equities and fixed income. Prior to M&amp;G, Anita led Sustainability Research for an Impact fund focused on mitigating climate change, tackling deforestation and delivering alignment to the Sustainable Development Goals. Earlier in her career, Anita worked for various buy-side and sell-side firms in credit research and global markets. Anita holds a Master&rsquo;s Degree from the University of Cambridge in Sustainability Leadership, an MBA from the University of Edinburgh, and a BSc in Computer Systems from City University London.

Anita McBain, Head of Sustainable Investment Research, Citi 

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.&nbsp;

/rcs/citigpa/storage/public/Research_Citi_E12_transcript.pdf

E12: The Evolution of Sustainable Investment

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 &ldquo;defense tech&rdquo; sector. 
Join Citi&rsquo;s Rob Rowe, U.S. Regional Director of Research, and Jason Gursky, U.S. Aerospace &amp; 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.
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.

Jason Gursky is a Managing Director and lead Analyst at Citi Research covering Aerospace and Defense. Prior to re-joining Citi in August 2022, he served as the Corporate Treasurer and Head of Investor Relations at Maxar Technologies.&nbsp; He worked at Citi Research from 2008 to 2017, covering both Aerospace and Defense and the Technology Supply Chain, and at JP Morgan from 2003 to 2008 covering IT Distribution.&nbsp; He has also held several management roles in the telecommunications industry both in the US and Latin America. Jason has an MBA from University of California, Berkeley; an MA from Johns Hopkins University; and a BA from University of California, Davis.
&nbsp;

Jason Gursky, U.S. Aerospace & Defense Analyst

Read the related report on Money and Might — Financing the Future of Defense.

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.&nbsp;

/rcs/citigpa/storage/public/Research- iti_E13_final transcript.pdf

E13: Money and Might — Financing the Future of Defense

Transcript 

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.&nbsp;<o:p></o:p><o:p></o:p>This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 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.<o:p></o:p>

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

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

Daniel Tobon is Head of G10 FX Strategy at Citi Research. Prior to rejoining Citi, Daniel was a macro strategist at Millennium. Daniel previously worked at Citi from 2012-2021 as an FX Strategist in Citi Markets in both New York and London. He began his career at BlackRock. Daniel holds an MBA from the NYU Stern School of Business and a Bachelor’s degree in Political Science from the Villanova University.<o:p></o:p>&nbsp;<o:p></o:p>

Daniel Tobon, Head of G10 FX Strategy, Citi Research

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.&nbsp;

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E14: Trump 2.0 and the Markets

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.&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. © 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.<o:p></o:p><o:p></o:p>&nbsp;<o:p></o:p>

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

Lucy Baldwin, Head of Citi Research

Ben Nabarro is Citi Research’s Chief UK Economist. He joined Citi in 2016 and is based in London, having previously worked on Citi’s macro-thematic research writing on issues such as inequality and migration. Ben has a degree in Politics, Philosophy and Economics from the University of Oxford and has also studied at Stanford University.<o:p></o:p>

Ben Nabarro, Chief UK Economist

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.&nbsp;

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E15: UK — Charting a Better Path

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 &amp; Mobility at Citi Research, as they examine each of these shifts in detail and discuss what it will take to navigate them successfully.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.<o:p></o:p><o:p></o:p><o:p> </o:p>

Lucy Baldwin, Head of Citi Research  

Martin Wilkie is Co-Head of the Industrial Tech &amp; Mobility Super-Sector at Citi Research. He has been an industrials analyst since 2003, having had various other roles in banking since 1994. He is based in London and started with Citi in 2015. Martin previously worked at Deutsche Bank from 2006 to 2015 also covering the Capital Goods sector, having also worked previously at Morgan Stanley and JP Morgan. Martin has an MBA with distinction from London Business School.<o:p></o:p>

Martin Wilkie, Co-Head, Industrial Tech & Mobility 

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.&nbsp;&nbsp;

/rcs/citigpa/storage/public/Research-Citi_E16_final_transcript.pdf

E16: Tectonic Shifts — The New Era for Industrial Policy

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&amp;A, demographics as a driver of demand, and the impact of China.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.

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

Geoff Meacham, Ph.D., is a Managing Director at Citi Research, covering both the U.S. Pharmaceuticals and Biotechnology sectors. Prior to joining Citi in September 2024, Geoff covered the Pharma / Biotechnology sectors for 20+ years at Bank of America and Barclays, as well as JP Morgan Chase and UBS. Prior to joining Wall Street, he conducted R&amp;D at Solvay Pharmaceuticals. Geoff has a Ph.D. in Molecular and Cellular Biology from University Alabama-Birmingham (UAB) and a B.S. in Biology/Microbiology from the University of Georgia.

Geoff Meacham, Pharmaceuticals & Biotechnology Analyst

Joanne Wuensch is a Managing Director at Citi Research covering Medical Technology and Hospital Supplies companies. Prior to joining Citi in January 2020, she spent 18 years at BMO Capital Markets covering MedTech with a focus on the cardiology, diabetes, orthopaedic, ophthalmology and respiratory sectors. She also spent time at ABN Amro, ING Barings, UBS Securities and JP Morgan. Joanne has a MPA from New York University focusing on public finance including hospital finance and a BA degree in psychology from the University of Delaware.

Joanne Wuensch, Medical Technology & Hospital Supplies Analyst 

In this episode, healthcare analysts Geoff Meacham and Joanne Wuensch chat with Lucy Baldwin about developments in their respective sectors.<o:p></o:p>

/rcs/citigpa/storage/public/Research-Citi-E17_final_transcript.pdf

E17: Dawn of a Healthcare Revolution?

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.

Fatima Boolani is a Director at Citi and the Co-Head of the U.S. Software Equity Research Team. Prior to joining Citi in 2021, Fatima spent a decade at both UBS and Jefferies in a similar lead analyst capacity, building deep domain expertise in the cybersecurity and infrastructure software sub-disciplines. She began her Wall Street career as an investment banker in the enterprise software sector at Thomas Weisel Partners. She is a graduate of the Ivey School of Business at Western University, where she earned her Honors Business Administration (HBA) degree with Dean's List distinction. Fatima is a fluent French and Urdu speaker, enjoys distance running, and is a commercially published author.<o:p></o:p>

Fatima Boolani, Co-Head of U.S. Software Research, Citi

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.<o:p></o:p>

/rcs/citigpa/storage/public/Research-Citi_E18_transcript.pdf

E18: Cybersecurity — New Risks, Expanding Threats

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

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

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

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

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

E19: 2025 Outlook — Expecting a Volatile Bull

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

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

Nathan Sheets, Chief Economist, Citi 

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

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

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E20: The Resilient Global Economy & Trump 2.0

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

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

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

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

Johanna Chua, Head of Emerging Markets Economics

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

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E21: Trade with China under Trump 2.0

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

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

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

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

Harald Hendrikse, European Autos & Auto Parts Analyst, Citi 

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

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E22: Can Autos Survive a Triple Threat?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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E25: Well Spent — A Consumer Health Check

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

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

Alex Saunders, Head of Quantitative Global Macro and DeFi Research

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

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E26: The Future of Crypto

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

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

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

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

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

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