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New U.S. investment-grade bond supply is expected to slow to $10 billion to $15 billion next week ahead of the Independence Day holiday.

The market nears the second half of the year with spreads over Treasuries at their tightest levels in more than a decade, and investors will be watching for whether there’s any room to go tighter from here.JPMorgan Chase & Co. strategists don’t think so.

“We see little value in spreads here, and nothing to push them wider either,” strategists led by Eric Beinstein wrote Friday. The bank’s year end high-grade spread forecast is unchanged from current levels, at 110 basis points.After months of strong retail flows to high-grade bonds, momentum may finally be slowing.

Flows into U.S. corporate investment-grade bond funds fell to $233.4 million for the week ended June 23, the smallest addition since the positive streak started in November, according to Refinitiv Lipper. It compares to an intake of almost $4 billion the prior week. U.S. corporate high-yield funds also posted a modest inflow, with $188.9 million, the data show.

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