Last year was a stress test for every markets business. Yields on the 10-year Treasury fell 60 basis points in the six weeks after the US presidential inauguration. The S&P 500 dropped 10% in the two days after Liberation Day. Israel and Iran fought a 12-day war, and late in the year concerns about technology valuations and private credit unsettled markets again. Through all of it, Citi’s markets business produced revenue that rose steadily, day after day, to $22.4
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