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

22 July 2026

J.P. Morgan Municipal Morning

Intelligence

10yr AAA yield at YTD high, but the 30yr rate is still

21bps below highs. New issue vs. secondary spreads

tighten on market pressure. LA USD downgraded. State

U-Rate Update.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

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Tax-Exempt Market Wrap

– HG muni yields rose by 3-4bps across the curve yesterday, in sympathy with

another 2-6bps increase in UST rates, and amid a heavy new issue calendar (which

saw over $6bn in tax-exempts priced) and waning reinvestment capital, marking 14

consecutive sessions (since July 1st) where the curve was either cut or unchanged.

Recall, we expect this period of challenging technicals to persist through next week