J.P. Morgan Municipal Morning Intelligence: Munis move closer to fair value ahead of expected stronger technicals to begin July.

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J.P. Morgan Municipal Morning Intelligence: Munis move closer to fair value ahead of expected stronger technicals to begin July.

J P M O R G A N Global Markets Strategy

25 June 2026

J.P. Morgan Municipal Morning

Intelligence

Munis move closer to fair value ahead of expected

stronger technicals to begin July.

Tax-Exempt Market Wrap Securitized Products & Public

Finance Municipals Strategy

– The HG muni scale was bumped 2bps in 1-3 years, unchanged in 4-9 years, and AC Peter DeGroot

lower by 1-2bps in 10 years and longer on Wednesday, lagging the 6-9bps UST

(1-212) 834-7293

rally. Yesterday’s heavier market tone developed against two consecutive sessions peter.degroot@jpmorgan.com

of elevated supply (totaling $10bn) and another day of higher bidwanteds ($3.0bn, Ye Tian

+14% vs. five-week avg), with some pressure evident in short-calls and money- (1-212) 834-3051

markets where the yield on customer purchases was 6-8bps wide of ICE ye.tian@jpmorgan.com

evaluations. Conversely, yields on high-yield/non-rated customer purchases were Roisin A Gargan

able to bump 6bps through their ICE evals while the broader universe of 5-year and (1-212) 834-7010

longer bonds were 1-2bps through their marks. roisin.gargan@jpmchase.com

J.P. Morgan Securities LLC

– Yesterday’s BWIC volume was elevated for the second session at $3bn, 14%

above the five-week Wednesday average. The hit ratio was solid at 60%, 4%, above

average. Traded yields on customer purchases were 1-2bps through the ICE marks

in the 5-20yrs+ range, 6bps through in high-yield/NR, but 6-8bps wider in short-calls

and money market, and remained unchanged in the 13m-5yrs bucket.

– Muni funds inflows accelerated to $449mn yesterday, extending the inflow

streak to 49 sessions. ETF flows led at $388mn ($227mn active/$160mn passive),