J.P. Morgan Municipal Morning Intelligence

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J.P. Morgan Municipal Morning Intelligence

J P M O R G A N Global Markets Strategy

10 July 2026

J.P. Morgan Municipal Morning

Intelligence

Inflows sustain 2nd highest YTD & 3rd among annual

campaigns. Munis gave back performance, but wings

remain near 3yr tights. Next week’s supply seems

manageable, amidst heavy data.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

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peter.degroot@jpmorgan.com

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–Next week’s tax-exempt calendar is expected to total roughly $11bn, well

below last year’s comparable $14.2bn, but in line with the trailing five-year

average. The negotiated calendar appears manageable, with the largest +$2bn

deal expected to tap solid demand for bonds in the lower investment grade

category, but the concentration of +$2.4bn on competitive calendar in just one

name, accounting for most of the expected $3.5bn total in competitive offerings,

could lead to concession in the bidding. Additionally, next week will see a

number of tier one data releases in concert with continued potential for

increasing geopolitical headlines. Moreover, the lower-than-expected