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

09 July 2026

J.P. Morgan Municipal Morning

Intelligence

The wings of the municipal curve remain fully valued,

trending at or near three-year tights versus corporates.

$4bn on tap today.

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

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Tax-Exempt Market Wrap

– The HG muni scale was cut by 3-5bps across the curve yesterday, with the long

end underperforming after the 30yr ratio reached its richest level since Feb 2025. UST

rates also rose by 2-5bp on the day, with intermediate and long Treasury yields

rising for the sixth consecutive session. Yesterday’s municipal market pressure

appeared to be the result of overvalued market levels, particularly in the wings of the

curve which continue to trend near 3-year tights. BWIC volumes were higher for

a third day, at $2.8bn (+9% vs. five-week avg.), with offerings doubling in 20yr+

on the curve. Municipal inflows did continue for a 58th consecutive session, with the

$225mn flow dropping to 52% of the 20-day average.