J.P. Morgan Municipal Morning Intelligence

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J.P. Morgan Municipal Morning Intelligence

J P M O R G A N Global Markets Strategy

16 June 2026

J.P. Morgan Municipal Morning

Intelligence

Supply upsized (again) into healthy mid-month

reinvestment as inflows sustain. $5.4bn on tap today.

Weekly analytics published.

Tax-Exempt Market Wrap Securitized Products & Public

Finance Municipals Strategy

– The HG muni scale was bumped by 1bp in 5yrs and longer on Monday, while AC Peter DeGroot

Treasury yields opened lower across the curve on news of a US-Iran memorandum

(1-212) 834-7293

of understanding before retracing higher and closing just 0–3bps lower on the day. peter.degroot@jpmorgan.com

Municipal fund inflows continued ($412mn) as investors began receiving 2H June Ye Tian

reinvestment, but BWICs rose to $2.3bn (+13% vs. average) and the week’s (1-212) 834-3051

expected tax-exempt volume grew yet again, to $9.6bn as another $1.7bn prepay ye.tian@jpmorgan.com

deal was added to the calendar. Still, we expect the market to absorb this week’s Roisin A Gargan

supply well, including today’s $5.4bn in issuance, given the addition of mid-month (1-212) 834-7010

reinvestment and despite still-rich valuations. roisin.gargan@jpmchase.com

J.P. Morgan Securities LLC

– This morning, 10yr Treasury yields were 3bps lower to 4.44% ahead of today’s

ADP Weekly Employment report at 8:15am and housing starts at 8:30am. Meanwhile,

S&P Futures are flat overnight following an uneventful evening. Overnight, the BoJ

kicked off a slate of policy decisions for the week, delivering a widely expected 25bp

hike and leaving the tapering plan unchanged (link).

– Yesterday’s BWIC volume was $2.3bn, 13% above the five-week average. The

hit ratio surged to a highly supportive 71%, 14% above average. Traded yields