J.P. Morgan Municipal Morning Intelligence

Research evidence excerpt

J.P. Morgan Municipal Morning Intelligence

J P M O R G A N Global Markets Strategy

17 June 2026

J.P. Morgan Municipal Morning

Intelligence

Munis strengthen on mid-June reinvestment/inflows.

Tax-Exempt Market Wrap Securitized Products & Public

Finance Municipals Strategy

– The HG muni scale was left unchanged through 8yrs and bumped by just 1bp AC Peter DeGroot

in 9yrs and longer yesterday, while Treasury yields declined by 2-4bps on reports

(1-212) 834-7293

of further progress towards a détente between the US and Iran. In addition to the rally peter.degroot@jpmorgan.com

in the UST market, inflows rose back above the 20-day moving average to $690mn. Ye Tian

BWIC volume also reflected a well-funded market, falling to just $1.9bn, -19% (1-212) 834-3051

vs. five-week Tuesday average. Finally, rising prices were reflected in the 2-6bps ye.tian@jpmorgan.com

drop in yields on customer purchases versus ICE marks. Roisin A Gargan

(1-212) 834-7010

– Muni fund inflows accelerated to $690mn yesterday, leaving their 43-session roisin.gargan@jpmchase.com

streak intact. ETFs saw $390mn ($141mn active/$249mn passive) of new capital, J.P. Morgan Securities LLC

alongside $300mn into open-end funds.

Figure 1: Trailing 20-session estimated fund Figure 2: Daily municipal fund flow

flow observations

Municipal fund flows ($mn)

1 Day Flow 3 Day Flow 5 Day Flow 7 Day Flow YTD Flow

1200 Trailing 20 session JPM estimated fund flow All Muni 690 1,616 2,261 2,612 47,729

ETF Flow Open-end 300 426 544 799 21,394

1000 Open-end Flow ETF 390 1,190 1,717 1,813 26,335

800 20 Day Avg ActivePassiveETFETF 141249 316873 778939 956858 10,71415,621

600 HY Muni 249 346 572 672 7,256

Open-end 239 279 331 386 4,068

400 ETF 10 67 241 286 3,188

LT Muni 542 1,284 1,574 1,630 32,489