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

15 July 2026

J.P. Morgan Municipal Morning

Intelligence

Munis lagged thus far this week heading into a

challenging competitive calendar. 2H July reinvestment.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

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Tax-Exempt Market Wrap

– HG muni yields were cut by 1-2bps in 2-years and longer on the curve, as the

Treasuries curve bull steepened 0-7bps on the day, underperforming in 5-25yrs on

the day. In the backdrop, BWICs were elevated for the 7th consecutive sessions

($2.7bn, +17%), but yields on customer purchases were 1-3bps through ICE marks

and inflows sustained for a 62nd session albeit at below average levels. Performance

in the primary was mixed, with the week’s largest deal bumped by double digits,

illustrating the amount of capital in the system for diverse names offering

incremental yield, while some deals were postponed. We expect a heavy $5.5bn of

issuance today with a challenging competitive calendar.