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

14 July 2026

J.P. Morgan Municipal Morning

Intelligence

Munis richen further. $4bn on tap today supported by

June CPI beat. Weekly analytics published.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

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

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Tax-Exempt Market Wrap

– AAA muni yields were up by 2bps in 1-23yrs, 1bp in 24yrs, and unchanged in

the longest end of the curve yesterday, amidst a bear flattening Treasury curve

(yields up by 3-5bps), higher BWICs ($2.4bn, +11%), and despite sustained inflows

($288mn, 65% of 20-day avg.), ahead of this week’s $12bn supply and 2H July

reinvestment ($9bn).

– Yesterday's BWIC volume totaled $2.4bn, marking an 11% increase over the

five-week Monday average. The increase was led by 10-20 (+39%) and 20yr+

(+51%) parts of the curve, as well as the airport sector (+141%). The hit ratio was

lackluster at 50%, 11% below average. While traded yields on customer purchases

were still a solid 1-6bps through ICE marks across most of the curve, save the belly

being 1bp cheaper to ICE.