The tax-exempt market was slightly firmer Monday morning, but activity was mostly quiet as traders had a hard time getting going at the start of the week.
"There are some buyers out there," a New York trader said. "But slim."
On Friday, the
The gains on Friday pushed muni yields back down to levels not seen since August 13 when the 10-year closed at 1.76% and the 30-year finished at 2.92%.
Treasuries were stronger in Monday morning trading. The benchmark 10-year yield dropped three basis points to 1.66% while the 30-year yield fell two basis points to 2.77%. The two-year fell one basis point to 0.27%.
In the primary this week, the municipal market can expect $1.55 billion, down significantly from last week's revised $6.31 billion. In the negotiated market, $1.27 billion is expected to priced, down from last week's revised $4.93 billion. On the competitive calendar, $278 million is expected to be auctioned, down from last week's revised $1.38 billion.
