Credit Calls

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Credit Calls

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

07 July 2026

Tuesday, July 07, 2026

Strategy & Sector Commentary Head of North America Credit

Research and Strategy

Credit Watch: 10 Things for Summer Market Season (Stephen Dulake) AC Tarek Hamid

The dirty little secret of the conclusion of mid-year outlook season and

(1-212) 834-5468

subsequent transition into summer holiday season is the hope we’re all set for tarek.x.hamid@jpmorgan.com

quieter times, or at the very least quiet enough that we will be collectively J.P. Morgan Securities LLC

afforded the chance to rest and recuperate. In terms of market narrative, while

it feels we are beyond things like peak private credit concerns – a subject we’ll

return to later – it doesn’t feel like there’s any shortage of things to focus on as we Credit Calls is our daily compilation of

head into second-quarter earnings season and beyond to the traditional end-of- research reports from High Grade and

summer Labor Day holiday. High Yield corporate credit analysts

and strategists.

HG & HY Food/Bev, Food Service & Restaurants: Rolling earnings recap &

2H preview (Carla Casella, CFA) High Grade Home Page

We hope you caught our HG & HY Consumer, Food/Bev, and Retail Mid-Year

High Yield Home PageOutlook last week (replay and slides). Here we drill down to Food, Bev,

Foodservice & Restaurants with our 1Q26 earnings takeaways and 2Q/2H Daily Economic Briefing

outlook. The 1Q26 earnings season was better-than-feared for most Food, Link to US Equity Research Top Stories

Beverage, Foodservice & Restaurants, yet company commentary was more (updated 7:30am)

nuanced than the numbers imply, particularly with respect to various income Link to J.P. Morgan Markets page

cohorts and the back-half outlook.