Citi strategists maintained a positive outlook on U.S. stocks but reduced equity risk on an international level, the bank revealed in a Friday note to clients.
Historically, equities tend to perform well at the start of easing cycles, despite occasional jitters before the first rate cut, which are typically quickly reversed. Citi said equities particularly benefit when easing cycles occur during a soft-landing scenario. Overall, Citi anticipates continued U.S. outperformance. They argue that tariff risks, which they believe would increase under a Trump presidency, are likely to be more detrimental to the countries facing the tariffs rather than to the US, even considering potential retaliatory measures.
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