Where Macro Meets Micro 2025 Outlook: A Persistent But Volatile Bull Scott Chronert AC Managing Director, US Equity Strategist Scott.t.chronert@citi.com +1 (415) 951-1771 Citi Research 18 September 2025 US Equity Strategy Drew Pettit Director Drew.pettit@citi.com +1 (415) 951-1621 Patrick Galvin, CFA Vice President patrick.galvin@citi.com +1 212-816-5373 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc ...