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

14 July 2026

J.P. Morgan Municipal Morning

Intelligence

Munis richen further. $4bn on tap today supported by

June CPI beat. Weekly analytics published.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

Voting is open in the 2026 Extel (formerly Institutional Investor) Global Fixed Ye Tian

Income Research Survey. If you have found our work helpful, we would sincerely (1-212) 834-3051

ye.tian@jpmorgan.com

appreciate your 5-star support for the firm and for Peter DeGroot, Ye Tian, and

Roisin A Gargan

Roisin Gargan under “USA: Economics & Strategy/General” in the “Municipals (1-212) 834-7010

Strategy” category. The link to vote can be found HERE, a step-by-step guide is roisin.gargan@jpmchase.com

available here, and the full JPM analyst roster can be found here. As always, thank you J.P. Morgan Securities LLC

for your continued readership and support!

Tax-Exempt Market Wrap

– AAA muni yields were up by 2bps in 1-23yrs, 1bp in 24yrs, and unchanged in

the longest end of the curve yesterday, amidst a bear flattening Treasury curve

(yields up by 3-5bps), higher BWICs ($2.4bn, +11%), and despite sustained inflows

($288mn, 65% of 20-day avg.), ahead of this week’s $12bn supply and 2H July

reinvestment ($9bn).

– Yesterday's BWIC volume totaled $2.4bn, marking an 11% increase over the

five-week Monday average. The increase was led by 10-20 (+39%) and 20yr+

(+51%) parts of the curve, as well as the airport sector (+141%). The hit ratio was

lackluster at 50%, 11% below average. While traded yields on customer purchases

were still a solid 1-6bps through ICE marks across most of the curve, save the belly

being 1bp cheaper to ICE.