Kate Moore - Chief Investment Officer, Citi Wealth. Tracked across 56 mentions in podcasts and expert conversations analyzed by Sonic.

Kate Moore

Citi Wealth Chief Investment Officer

Claims

As speaker

Mentioned in

Key positions and views

Inflation will be more persistent and broader than the market expects, necessitating an underweight position in long-duration bonds.

Equities are preferable to credit for risk exposure due to a significant valuation divergence, with equity multiples having fallen while credit valuations remain near 15-year highs.

A higher-for-longer interest rate environment creates a distinct advantage for large-cap companies over smaller, borrowing-reliant competitors.

Sectoral tariffs pose a major threat to the U.S. economy, with the potential to cause a significant growth slowdown in 2025-2026 by suppressing corporate capital expenditure.

The equity market's primary driver is secular earnings growth from themes like the AI ecosystem and cybersecurity, not short-term monetary policy.

Timeline

2023

Moore notes that equity valuations came down significantly during this year, a key part of her rationale for preferring equities over credit.

End of 2024

As of this time, Citi Wealth, where Moore is CIO, managed approximately $1 trillion in total assets.

H2 2025

Moore predicts U.S. economic growth will slow significantly to sub-2% or sub-1.5% during this period.

Summer 2025 - Early 2026

Moore expresses deep worry about the U.S. economy's trajectory during this timeframe, citing the negative impact of tariffs as a primary concern.

2026

Moore references this year in the context of decreased equity valuations (due to strong earnings growth), which supports her preference for equities over credit.

Podcast consensus on Moore

Points of consensus

▶Kate Moore consistently argues that inflation will be more persistent and broader than consensus expectations, a view expressed across multiple podcast appearances which informs her firm's portfolio strategy.Jun 2026

▶Across numerous sources, Moore states a clear preference for taking risk in equities over credit, citing that equity valuations have become more attractive while credit valuations remain near 15-year highs.Jun 2026

▶A recurring point is Moore's belief that a flat or higher-for-longer interest rate environment systematically disadvantages smaller and mid-cap companies that rely on borrowing, leading to a preference for large-caps.Jun 2026

▶Moore's team at Citi has consistently maintained an underweight or short-duration position in its fixed-income portfolios, a tactical decision driven by their persistent inflation outlook.Jun 2026

Points of debate

▶Moore's perspective contains a nuanced tension: she argues the broad equity market is decoupled from Fed policy and driven by AI earnings, yet simultaneously asserts that this same Fed policy creates a significant performance gap between large and small-cap companies.Jun 2026

▶There is a contrast between her short-term macroeconomic pessimism, being 'deeply worried' about a tariff-induced slowdown in 2025-2026, and her long-term bullishness on specific secular growth themes like AI and cybersecurity software.

▶Moore claims current interest rates are not restrictive for most major economic sectors except housing, which appears to contrast with her repeated warnings that the rate environment is challenging enough to disadvantage the entire small and mid-cap corporate sector.Jun 2026

▶She dismisses 'de-globalization' in favor of 're-globalization,' suggesting a complex shift rather than a simple retreat from global trade, a view that contrasts with more simplistic narratives of economic fragmentation.

Key themes

▶Persistent Inflation and Fed PolicyJun 2026

A core theme is Moore's conviction that inflation will remain higher and more widespread than commonly expected for several quarters. This view shapes her interpretation of Federal Reserve communications, particularly her focus on Chair Kevin Warsh's commitment to a strict 2% target, and underpins her firm's defensive bond portfolio positioning.

Investors should note that Moore's framework leads to a skeptical stance on long-duration assets and a belief that monetary policy will remain a headwind for rate-sensitive sectors for the foreseeable future.

▶Asset Allocation: Equities over Credit, Large over SmallJun 2026

Moore consistently articulates a clear asset allocation preference for equities over credit, based on a valuation argument where equity multiples have compressed while credit spreads have not. Within equities, she favors large-cap companies, believing they are better insulated from the higher borrowing costs that will challenge their smaller, more levered competitors.

This theme reveals a strategy focused on relative value and balance sheet strength, suggesting an analytical approach that prioritizes financial resilience in a challenging monetary environment.

▶Geopolitical Risks and Macroeconomic Outlook

Moore expresses significant concern about the macroeconomic trajectory, particularly for the U.S. economy in 2025-2026. She identifies tariffs, especially sectoral ones, as a primary driver of a future slowdown, predicting that policy uncertainty will suppress capital expenditures and M&A activity.

Her focus on tariffs as a 'sticky' and impactful economic drag, distinct from broader trade disputes, provides a specific risk factor for analysts to monitor when assessing future corporate investment and GDP growth.

▶Secular Growth Drivers vs. Cyclical FactorsJun 2026

Moore argues that the primary driver of the equity market is not Fed policy but rather the powerful earnings growth from long-term secular themes, specifically the AI ecosystem and cybersecurity. She dismisses traditional valuation metrics like the Shiller CAPE ratio as inadequate for capturing the market's structural shifts since the 1990s.

This perspective suggests that a successful investment strategy requires identifying and investing in durable, non-cyclical growth trends that can thrive independently of the macroeconomic environment.

Source episodes

Suggested prompts

How does Kate Moore reconcile her view that the broad equity market is decoupled from Fed policy with her strong emphasis on how that same policy creates winners and losers based on company size? &nearr;What specific economic data or market signals would need to shift for Moore to abandon her 'underweight duration' stance and see value in long-duration bonds? &nearr;How does Moore's concept of 're-globalization' translate into actionable investment strategies, particularly in emerging markets or specific trade blocs outside the US-China axis? &nearr;Given her skepticism of private market returns, what characteristics does Moore look for in the alternatives space for it to be an attractive investment for Citi Wealth clients? &nearr;

Key concepts

Federal Reserve Policy 8 ep Inflation 7 ep Equities vs. Credit 7 ep Portfolio Duration 7 ep Company Size (Large-cap vs. Small-cap) 6 ep Tariffs 1 ep AI Ecosystem 2 ep Globalization 1 ep Private Markets 1 ep Cybersecurity 1 ep

Notable quotes

“I am deeply worried, Barry, about what's going to happen to the economy over the summer and into the beginning of 2026.”

Kate Moore · Citi Wealth Chief Investment Officer Kate Moore on Macro Investing | Masters in Business

“I thought that other comment he made around paying attention to the left of the decimal point versus the right, that, you know, the target is 2, not 2 and something, sort of reaffirms that commitment”

Kate Moore · Fed Holds Rates Steady As Warsh Takes Helm: Fed Special

“Kate Moore does not believe in "de-globalization," arguing that while the U.S. and China will continue to separate, relationships with other trading partners will deepen, leading to a "re-globalization."”

Kate Moore · Citi Wealth Chief Investment Officer Kate Moore on Macro Investing | Masters in Business

“I've now come to believe that investment in security software is existential for companies.”

Kate Moore · Citi Wealth Chief Investment Officer Kate Moore on Macro Investing | Masters in Business

Report last updated: Jul 28, 2026

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