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

21 July 2026

J.P. Morgan Municipal Morning

Intelligence

Muni fund flows turn (slightly) negative for the first time

since April, facing +$6bn in issuance today & a

challenging 2-week period of net supply. Weekly

Analytics published.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

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Tax-Exempt Market Wrap

– The HG muni scale was mostly unchanged yesterday (aside from a 2bps cut in

the 2yr spot), retracing some of last week’s underperformance as Treasuries sold

off 4-6bps, with investors awaiting today’s heavy slate of $6.3bn in tax-exempt

issuance. In a cautious signal to start a challenging two-week period, yesterday saw

the first net muni fund outflow since mid-April, albeit just -$15mn. Outflows were

entirely from open-end funds (-$226mn) and heavily concentrated in just one

fund complex, while ETFs (+$211mn) saw solid inflows. On the day, BWIC

volume came in mostly steady (+3%) relative to the trailing 5-week same-day