J P M O R G A N Global Markets Strategy 18 August 2026 J.P. Morgan Municipal Morning Intelligence First outflows since late July meet weaker technicals. 30yr UST reaches highest level since 2007. Deep dive into the issuance of the belly. Tax-Exempt Market Wrap –Yesterday, the HG muni curve bear-steepened, with yields unchanged in 1-3yrs, cut progressively by 1-3bp from 4-7yrs, and 4-6bp across the balance of the curve. The scale cuts occurred in sympathy with a 4-10bp rise in UST rates since last Friday (up ...