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. Figure 2: Daily municipal fund flow observations Municipal fund flows ($mn) -200 0 200 400 600 800 1000 1200 Trailing 20 session JPM estimated fund flow ETF Flow Open-end Flow 20 Day Avg | All Muni | 267 | 861 | 1,581 | 2,800 | 55,259 | | --- | --- | --- | --- | --- | --- | | Open-end | 106 | 364 | 809 | 1,309 | ...