J.P. Morgan Municipal Morning Intelligence

研报英文原文证据摘录

J.P. Morgan Municipal Morning Intelligence

J P M O R G A N Global Markets Strategy

07 July 2026

J.P. Morgan Municipal Morning

Intelligence

Munis rich vs UST & corporates, particularly in the

wings (1.4-2.0 sigma), 2yr spot at/near 3-year lows. In

10yrs, AA-Hsg/Higher Ed & A/AA-Transportation are

1.5-2.1 sigma tight.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

Voting is open in the 2026 Extel (formerly Institutional Investor) Global Fixed Ye Tian

Income Research Survey. If you have found our work helpful, we would sincerely (1-212) 834-3051

ye.tian@jpmorgan.com

appreciate your 5-star support for the firm and for Peter DeGroot, Ye Tian, and

Roisin A Gargan

Roisin Gargan under “USA: Economics & Strategy/General” in the “Municipals (1-212) 834-7010

Strategy” category. The link to vote can be found HERE, a step-by-step guide is roisin.gargan@jpmchase.com

available here, and the full JPM analyst roster can be found here. As always, thank you J.P. Morgan Securities LLC

for your continued readership and support!

Tax-Exempt Market Wrap

– The HG muni scale was bumped by 2bps from 1-7yrs and left unchanged across

the balance of the curve on Monday, while front-end Treasury yields fell by 1bp and

the curve steepened 2bps. In the backdrop, solid municipal fund inflows ($842mn,

1.9x 20-day avg.) continued for a 56th consecutive session, as investors deploy 1H July

reinvestment capital ($37bn 1st half, $45bn full-month), and look ahead to this week’s

~$10bn tax-exempt calendar (including $2.5bn expected to price today).

– Yesterday’s BWIC volume leapt to $2.45bn, 19% above the five-week Monday

average, despite the elevated reinvestment and inflows, as investors took advantage