Vi e w p o i n t | 06 Nov 2025 22:35:05 ET │ 27 pages Global Macro Strategy - Views and Trade Ideas Tech, Tariffs, and Tight Budgets CITI'S TAKE The Santa rally has not started well for US tech. The poor performance of Bitcoin was one of the few warning signals, potentially picking up on the deteriorating liquidity environment. We expect liquidity to improve going forward, though. More fundamental AI worries have also played a part, including increasing debt financing. We prefer equities over credit. On the ...