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 July 2026

J.P. Morgan Municipal Morning

Intelligence

Market correction has room to continue off of still rich

levels as flows waver and supply persists. BWICs more

than double in 10-20yrs, sub-5s, and HY/NR munis.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

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Tax-Exempt Market Wrap

– The HG muni scale was cut by 0-3bps through 6yrs and by 5-6bps across the

balance of the curve yesterday, marking the 15th consecutive session of cuts or

unchanged levels. The move tracked the continued selloff in Treasuries (yields

ended another 2-4bps higher), alongside a surge in BWIC volume to $4bn, the

highest since April 2025 and +64% vs. five-week average. As well, the market

absorbed an incremental ~$3bn in tax-exempt issuance following Tuesday's $6bn