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Trend & Cycle Roadmap

RBC Capital Markets, LLC / Portfolio Advisory Group All values in dollars and priced as of May 11 at 4:00 pm ET unless otherwise noted For Important Disclosures, see page 4 Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested. Produced: May 11, 2022 17:03ET; Disseminated: May 11, 2022 17:10ET Lower lows for equity markets confirm downtrend as rates pause at 2018 Cycle highs Wednesday s CPI report did little to alter the negative trajectory of equity markets, but interestingly, treasury yields continue to show very early signs of pausing under critical technical levels.

RBC Wealth Management includes, without limitation, RBC Dominion Securities Inc., which is a foreign affiliate of RBC Capital Markets, LLC. This report has been prepared by RBC Capital Markets, LLC which is an indirect wholly-owned subsidiary of the Royal Bank of Canada and, as such, is a related issuer of Royal Bank of Canada.

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