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

24 July 2026

J.P. Morgan Municipal Morning

Intelligence

Munis cheaper/fair-value in 5-10yrs, still rich in

wings. Pressure on short-calls and in NY complex.

Supply takes a pause, but restarts in August. Extel

voting ends. BAB update

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

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– While the municipal space is not universally cheap and not a wholesale buy,

investors may find value in areas of the curve where liquidity has been most

strained, such as in 5-10-years, short-calls, and in the New York complex. Value

in the tax-exempt space is less apparent in the wings of the curve, where

valuations remain somewhat rich.