HG & HY Consumer Checkup: But I Keep Crusin, Can’t Stop, Won’t Stop Groovin!

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HG & HY Consumer Checkup: But I Keep Crusin, Can’t Stop, Won’t Stop Groovin!

J P M O R G A N North America Credit Research

26 June 2026

HG & HY Consumer Checkup

But I Keep Crusin, Can’t Stop, Won’t Stop Groovin!

North America Corporate Credit - Credit slightly outperformed equities on the week. As of Friday morning, the

Consumer, Retailing, and Food &

S&P declined -1.55% on the week as risk-on sentiment weakened amid renewed Beverage

geopolitical uncertainty in the Middle East and a rotation out of higher-beta

Yaakov Musheyev AC growth stocks. Escalating tensions involving the US and Iran pushed oil prices

(1-212) 834 5865

higher early in the week, raising concerns about inflation and global growth, yaakov.a.musheyev@jpmorgan.com

while subsequent reports of a tentative ceasfire/truce helped pare losses by

Carla Casella, CFA

easing fears of supply disruptions through the Strait of Hormuz. Our global (1-212) 270-6798

commodity strategist, Natasha Kaneva, now forecasts Brent averaging $86 in carla.casella@jpmorgan.com

3Q26 and $80 in 4Q26, exiting the year at $78, with the impact carrying well into J.P. Morgan Securities LLC

2027 and pushing next year’s price outlook lower as well (full note here).

Treasuries continued to tighten on the week, with the 5yr -10bps to 4.13% and

the 10yr -9bps to 4.37%. Credit markets were mixed on the week, with higher- Ratings

quality slightly outperforming. The JULI returned +0.3% this week, with HG HY Consumer Neutral

Consumer Products in line at +0.3% and Tobacco slightly outperforming CRI Neutral

EPC Neutral

at +0.4%. JPHY declined -0.06%, with HY Consumer Products ENR Neutral

outperforming at +0.13%. By rating, As +0.%, BBBs +0.3%, while BBs unch, LEVI Neutral

NWL Overweight (LR CDS)

Bs -0.08%, and CCCs -0.29%. PBH Neutral