Speaker · Updated
Kate Moore: latest market views
Citi Wealth
Summary
Kate Moore is Chief Investment Officer of Citi Wealth, which she joined in February 2025 from BlackRock, where she was head of thematic strategy for the Global Allocation business.
Chorus has 12 views from Kate Moore across 2 episodes on Bloomberg Surveillance and CNBC Closing Bell since October 7, 2026.
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Newest first. Every quote is checked against the episode's transcript.
Market sentiment, positioning & volatility
Market moves around the midterms were technical, driven by investors projecting fears, not fundamentals.
Moore says investors are projecting their biggest fears about policy change into the market, and that policy for the next two years is unknown. The parties are not monoliths and have factions that must work together. What she saw in the last couple of days was incredibly technical and not fundamentally driven. Gridlock could also prove growth positive as legislators position for 2028.
“people are just projecting their biggest fears around change into the market. So what I saw over the last couple of days was incredibly technical and not fundamentally driven.”at 15:22
Bloomberg Surveillance: Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility ·
Deficits will keep rising under either party, since neither has appetite to be deficit positive.
Moore reasons that the US is reaching critical deficit levels and that she is focused on the next four to six years. Deficits are rising under Republican or Democratic administrations alike, because everyone is spending or cutting taxes. Neither party has much stomach for deficit-positive measures, so this has to be baked into the market background.
“Well, I think we're reaching some critical levels... You know, it's my strongly held conviction that deficits are going up under Republican or Democratic administration because everyone's spending.”at 16:00
Bloomberg Surveillance: Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility ·
Gold works as a partial replacement for duration in portfolios, offering less correlated diversification than bonds.
Citi has been underweight duration for a long time and Moore can't get comfortable adding duration. The team looked for a less correlated asset to balance equity risk and found gold performed those diversifying qualities in testing, so it is held as a partial duration replacement while still owning some fixed income. Moore also owns gold through an ETF as ballast against her growth-tilted equity portfolio. Critics who say gold doesn't yield in a rising-yield environment are answered by the portfolio-diversification case.
“I can't get comfortable with adding duration to portfolios. We've been underweight for a long time... we really wanted to think about how do we balance out some of our equity risk? What might be a less correlated asset? And we found that gold was a, you know, as we tested it, was performing a lot of those qualities.”at 18:06
Bloomberg Surveillance: Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility ·
Yields are expected to rise, so Citi stays shorter duration than benchmark in multi-asset portfolios.
Citi keeps fixed income in multi-asset portfolios but stays shorter duration. Moore expects yields to rise, citing the bond volatility of the last couple of days, the fiscal situation, and strong labor-market data from that morning. Together these support higher real yields, and at minimum they give support at current levels.
“we're shorter duration and we're continuing to stick to that. And our expectation is that yields are going to rise like we saw a lot of that bond volatility in the last couple of days.”at 18:06
Bloomberg Surveillance: Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility ·
Economic growth going into 2027 should be incredibly strong, supported by fiscal policy and labor data.
Moore argues the fiscal side combined with the morning's labor-market data supports incredibly strong economic growth going into 2027. Deficits are rising under both parties, and that spending supports demand. The strong growth outlook is the backdrop she expects for higher real yields.
“...the data this morning on the labor market supported this incredibly strong economic growth going into 2027”at 18:06
Bloomberg Surveillance: Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility ·
Robotics & autonomous vehicles
Physical AI is an investment theme because labor shortages in manufacturing will keep growing.
Moore says Citi has been pounding the table on physical AI. Unfilled US manufacturing jobs were just over 400,000 a year ago and are about 25% higher now, without a big expansion in manufacturing capacity. People don't want these jobs, and immigration changes are not expected to reverse soon, while populations decline across much of the developing world. Demographics and worker preference will therefore drive a different layer of investment, in automation.
“we've been pounding the table on physical AI to be fair... at this time last year, we had just over 400,000 unfilled manufacturing jobs and it's 25% higher here in 2026.”at 20:51
Bloomberg Surveillance: Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility ·
Winner-loser dispersion signals a healthy market; the recent tech pullback is healthy consolidation, not a thesis break.
Moore says a lack of dispersion would make her more anxious. A separation between near-term winners and losers is healthy because it means investors are not buying everything regardless of fundamentals. She expects some digestion in core themes (semiconductors, cybersecurity and security software), which she calls strong, durable themes. For a long-term investor, a backup in those names is a consolidation period rather than a reason to abandon them.
“When there isn't dispersion in the equity market, that actually makes me more anxious. The fact that there is, a separation between near term winners and losers, I think that's a sign of a healthy market.”at 5:05
CNBC Closing Bell: Data Centers, AI Spending and Higher Rates 10/7/26 ·
Enterprise AI adoption & AI software
Companies embracing technology, including AI, are the winners in every sector, so the market isn't narrowly tech-driven.
Moore argues that the companies putting up better revenue growth and prospects in every sector are the ones embracing technology, so there is no separate theme outside the technology revolution even in non-tech sectors. This is her answer to concerns that money crowding into tech leaves no diversity. Winners in each industry have plans for driving future revenue, productivity and efficiency through technology.
“in every sector, in every industry, the winners, the companies that are putting up better revenue growth, who have better prospects, are the ones who are embracing technology right now.”at 5:50
CNBC Closing Bell: Data Centers, AI Spending and Higher Rates 10/7/26 ·
Yields may have peaked near term and should floor rather than back up into year-end, against street consensus.
Moore disagrees with the street consensus that yields will back up into year-end. She thinks yields may have hit a near-term technical top. Competition for capital, a strong growth environment and fiscal deficits should put a floor under yields, so they come lower rather than higher. She says there is no magic yield level at which to buy duration, because what matters is why yields are moving. That is why she has stayed short duration and sees no value on the curve.
“Consensus on the street expecting bond yields to back up into year end. That's not necessarily our view. We may have hit a near term top kind of technically”at 7:07
CNBC Closing Bell: Data Centers, AI Spending and Higher Rates 10/7/26 ·
Small-cap rally was driven by rate-cut hopes, not fundamentals; the current backup is appropriate.
Moore says small caps surged early this year without super strong fundamentals; the surge rested on the expectation that rates would not be adjusted. The current backup in small caps, especially relative to large caps, is appropriate for where the growth cycle and policy expectations are. She stresses this does not mean selling all risk, but that the rate-sensitive adjustment is deserved for the macro backdrop.
“Small caps surged so strong for so long in the beginning part of this year, but it wasn't based on super strong fundamentals. It was around this expectation that there was not going to be a rate adjustment.”at 7:37
CNBC Closing Bell: Data Centers, AI Spending and Higher Rates 10/7/26 ·
Gold has worked well as a substitute for duration in her portfolio.
Moore added gold last year as a substitute for duration, given she has stayed short duration and sees no value on the curve. She says it has performed very well in that part of the portfolio. She also notes her firm has had a strong commodity and industrial metals theme for most of the year, and that she keeps looking for uncorrelated instruments.
“Last year, I added gold as a substitute for duration. So that's performed very well...”at 8:54
CNBC Closing Bell: Data Centers, AI Spending and Higher Rates 10/7/26 ·
Q2 corporate margins were phenomenal despite broad inflation; don't bet against corporate resilience near term.
Moore was surprised by how strong margins were in second-quarter earnings, despite seeing broad-based inflation and knowing more energy cost pass-through is still coming in the next couple of quarters. Her takeaway is that companies can toggle their businesses up and down to protect the bottom line, so investors should not bet against corporate resilience. She expects that to hold for the next couple of quarters, while acknowledging doubts about sustaining double-digit earnings growth forever.
“And yet still, margins were phenomenal. This is just kind of a reminder for me once again and for the rest of investors on the street, do not bet against corporate resilience and the ability of companies to toggle up and toggle down their businesses in order to achieve the bottom line.”at 10:13
CNBC Closing Bell: Data Centers, AI Spending and Higher Rates 10/7/26 ·
Shows
- Bloomberg Surveillance · 1 episode
- CNBC Closing Bell · 1 episode
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