Research @ Citi

Alex Saunders, Head of Global Quant Macro Strategy at Citi, brings concise quantitative macro perspective. They discuss why Treasuries rallied recently. They unpack two Fed fat-tail AI scenarios and how risk parity may return with bonds as a hedge. Tactical equity signals and AI-driven tech jitters round out the conversation.

Tomohisa Fujiki, a Japan G10 rates strategist focused on JGB dynamics and monetary policy. Ryota Sakagami, a Japan equity strategist covering sector themes and market implications. They discuss political stabilization after the election and yen intervention limits. They explore medium‑term upside for the Nikkei, fiscal risks from spending and tax cuts, growth-sector winners like AI, semiconductors, defense, and capex beneficiaries.

Paul Lejuez, retail analyst covering department stores, specialty softlines, broadlines and food retailing. He breaks down who counts as the consumer and why employment matters. He talks about tax refunds and short-term spending boosts. He examines tariff pass-through and AI’s potential to reshape retail and brands.

Anne Malone, North America Head of Research, sits down with Andrew Kaplowitz, Head of U.S. Industrials Research, to discuss themes shaping Industrials in 2026. The lead theme is AI, with capex growth permeating everything in the sector. But topics from the broadening thesis to M&A and U.S. federal policy are also attracting investor attention. 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. Copyright 2026, 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, Head of Global Quant Macro Strategy at Citi, offers quick quantitative market perspectives. He discusses Kevin Warsh's Fed implications for short-term rates and precious metals. He covers AI’s dual risks and their influence on rate-cut odds. He reviews equity sector dispersion, tactical hedging signals, Bitcoin flow thresholds, and Japan’s election market effects.

Keith Horowitz, Global Head of Banking in Citi's Equity Research, offers sharp takes on banking trends and regulation. He discusses the Silicon Valley Bank pivot and regulatory recalibration. He explores how regional banks compete, the rise of private credit, stablecoins and cross-border payments, and the role of data, AI and shifting loan mixes.

David Groman, Senior Equity Strategist at Citi who focuses on tech, AI and earnings dynamics, discusses AI-driven market moves and where volatility has hit. He walks through whether AI is changing fundamentals and how valuations look. Conversations also cover geopolitical shifts in allocations and what markets appear to be pricing in for earnings.

Surendra Goyal, Head of India Research at Citi focused on earnings, macro trends and investor flows. Pierre Lau, China equity strategist at Citi specializing in China/HK policy and sector drivers. They discuss China’s fiscal stance, tech self-reliance, export and investment drivers. They also cover India’s earnings trajectory, macro momentum, domestic flows and key market risks for 2026.

Adam Pickett, London macro head at Citi who specializes in macro and FX, discusses post-Davos themes. He covers geopolitics, dollar dynamics and when USD strength may persist. AI’s impact on equities and flows earns attention. Regional allocation and relative-rate opportunities across G10 are explored.

Scott Chronert and Drew Pettit discuss our 2026 outlook for U.S. equities and why we expect a fourth year for the current bull run. We also explore why we’re retiring the Mag 7 in favor of the Elite 8. 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 City 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...Copyright @2026 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.