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

23 June 2026

J.P. Morgan Municipal Morning

Intelligence

Munis outperformed as fund flows rebounded. Munis

lean rich vs. taxables with $5bn on tap today. Weekly

analytics package published.

– In case you missed it, yesterday we published our Municipal Weekly Analytics Securitized Products & Public

Package, offering current yield and spread data for ~40 municipal subsectors, as Finance Municipals Strategy

well as a new tax-exempt issuance-by-curve snapshot. Peter DeGroot AC

(1-212) 834-7293

Tax-Exempt Market Wrap peter.degroot@jpmorgan.com

– The HG muni scale was cut by 1bp out to 7 years and left unchanged thereafter Ye Tian

on Monday, while Treasury yields closed 4-6bps higher as markets continued to (1-212) 834-3051

digest last week’s FOMC outcome (with OIS forwards now pricing in a full hike by ye.tian@jpmorgan.com

the Sep FOMC meeting and 50bp of tightening by March 2027). Munis Roisin A Gargan

outperformed as inflows rebounded ($465mn, 47 consecutive sessions) and BWIC (1-212) 834-7010

($2.3bn) volume rose somewhat (+10%). Today’s supply is elevated at $5bn, while roisin.gargan@jpmchase.com

J.P. Morgan Securities LLC

this week’s $11bn in total tax-exempt supply should be manageable ahead of next

week’s holiday-stunted issuance.

– Yesterday’s BWIC volume was $2.3bn, 10% above the five-week Monday

average. The hit ratio was a strong 65%, 6% above average. Traded yields on

customer purchases were mostly 1-8bps through the ICE marks across the curve, led

by an 8bps decline in short-calls and 6bps drop in the 20yrs+ range, while yields

in money market and the 5-10yrs bracket rose by 1-3bps.

– Muni fund flows rebounded on Monday to $465mn despite higher UST rates,