Kate Moore welcomes Eric Van Nostrand, CIO of Lazard Asset Management and former Acting Assistant Secretary of the Treasury for Economic Policy, and Conrad Dequadros, Head of Economics at Citi Wealth's Chief Investment Office, to debate the forces shaping global markets in 2H25. Key discussion points: A shifting macro regime: Why the move from demand- to supply-driven dynamics may be leaving investors anchored to the wrong playbook. Inflation and the Fed: Why the path back to 2% will be uneven and why consensus on inflation may be the most important call investors are getting wrong. Geopolitics and energy: How oil and supply chain disruptions create risks that merit consideration—and what that means for consumers. Portfolio construction: From gold as ballast to shorter duration fixed income, which assumptions still hold and which deserve a fresh look. INVESTMENT PRODUCTS: NOT FDIC INSURED – NOT CDIC INSURED – NOT GOVERNMENT INSURED – NO BANK GUARANTEE – MAY LOSE VALUE This Communication is prepared by Citi Wealth Investments (“CWI”) which is comprised of the investments and capital markets capabilities that are provided to Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the opinions expressed by Citi businesses or its affiliates and is not intended to forecast future events. This material is provided for informational purposes only and does not constitute investment advice or a recommendation, offer, or solicitation by Citi or its affiliates. This material may contain forward-looking statements and are subject to change without notice based on market and other conditions. Past performance is not indicative of future results. Neither Citi nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Citi is under no duty to update this Communication and accepts no liability for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this Communication. Any reference to third party organizations is for informational and identification purposes only and does not imply any ownership, affiliation, endorsement, or licensing relationship between Citi and such third parties. A transcript is provided for convenience and may differ from the original video or audio content. Citi is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Citi. Citi Private Bank, Citi Global Wealth at Work, and Citi Personal Wealth Management are businesses of Citigroup Inc. (“Citigroup”), which provide clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. Not all products and services are provided by all affiliates or are available at all locations. In the U.S., investment products and services are provided by Citigroup Global Markets Inc. (“CGMI”), member FINRA and SIPC, Citi Private Alternatives, LLC (“CPA”), member FINRA and SIPC. CPA acts as distributor of certain alternative investment products to certain eligible clients’ segments. CGMI accounts are carried by Pershing LLC, member FINRA, NYSE, SIPC. Investment management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. Insurance is offered through Citigroup Life Agency LLC (“CLA”). In California, CLA does business as Citigroup Life Insurance Agency, LLC (license number 0G56746). CGMI, CPA, CLA and Citibank, N.A. are affiliated companies under the common control of Citigroup. Outside the U.S., investment products and services are provided by other Citigroup affiliates. Investment Management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. These Citigroup affiliates will be compensated for the respective investment management, advisory, administrative, distribution and placement services they may provide. © 2026 Citigroup Inc., Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. Important Disclosures: https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Wealth_OCIO_Disclosures.pdf
