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

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