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

16 July 2026

J.P. Morgan Municipal Morning

Intelligence

Long-end remains rich while 10-year moves closer to

fair value. Weekly calendar rose to 13bn.

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

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Tax-Exempt Market Wrap

– Yesterday, HG muni yields were cut by 1bp in 13-15yr spots, and were unchanged

across the rest of the curve, again underperforming the Treasury rally (1-7bps

down). The municipal market backdrop included second-half July reinvestment,

which pushed yesterday’s inflows to $470mn, and BWIC volume lower versus

average. Weekly total supply increased to $13bn, with an additional energy

prepay deal coming to market, which continues to exert pressure on the belly of the

curve.

– The recent Treasury rally was concentrated in the front end and belly of the curve,

while long-end Treasury yields were largely unchanged. Consequently, the week-

to-date (WTD) 30-year Muni/Treasury ratio was steady and is still 1.8 sigma rich.