J.P. Morgan Municipal Morning Intelligence: 10yr exempts are now fair value, long-end still rich going into two weeks of challenging technicals.

Research evidence excerpt

J.P. Morgan Municipal Morning Intelligence: 10yr exempts are now fair value, long-end still rich going into two weeks of challenging technicals.

J P M O R G A N Global Markets Strategy

17 July 2026

J.P. Morgan Municipal Morning

Intelligence

10yr exempts are now fair value, long-end still rich

going into two weeks of challenging technicals.

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

– Good morning - please note that we will not be publishing a weekly today. As

always, we appreciate your readership, and hope you have a enjoyable summer

weekend.

– The municipal market struggled to digest this week’s $12.4bn in tax-exempt

volume despite mid-month reinvestment ($8.8bn) and sustained inflows (LSEG

$1.4bn, 13th consecutive week), as the week’s elevated calendar and

concentrated competitive offerings required concession to clear the primary.

– After this week’s underperformance, valuations in the 10-year area of the

market are firmly within fair value versus taxable fixed-income. The wings of