Taylor Riggs

The tax-exempt market continued to lose ground for its third consecutive session as demand in the primary market failed to buoy munis.

NEW YORK – The tax-exempt market continued to lose ground for its third consecutive trading session as the primary market couldn’t get enough action to rally bonds. Bonds prices were cut on new deals from Monday’s retail order periods and the secondary market showed weakening.

Munis continue to weaken Tuesday, following Treasuries, as primary issuance isn’t enough to buoy markets. Secondary market activity is light and bonds are trading weaker.

Tax-exempts will look to the primary market for direction as secondary trading remains light and munis start the day slightly weaker.

The tax-exempt market was slightly weaker with very light activity, as most traders recovered from a New York win in the Super Bowl. Munis followed Friday's weaker direction.

NEW YORK – The tax-exempt market was slightly weaker with very light activity, as most traders recovered from a New York win in the Super Bowl. Munis followed Friday’s weaker direction.

The tax-exempt market was quiet Monday afternoon. After a strong rally over the past several weeks, munis are now following Friday’s weaker direction.

The tax-exempt market was very quiet Monday morning as most traders recovered from a Super Bowl hangover. The primary calendar is expected to be very small this week, adding to the lull already in the market.

The two-week muni rally paused on Friday as a better than expected employment report buoyed stocks and pulled Treasuries down, taking munis with them.

NEW YORK – The two-week muni rally paused on Friday as a better than expected employment report buoyed stocks and pulled Treasuries down, taking munis with them.

The Friday effect, coupled with a larger than expected drop in unemployment, pushed munis weaker.

Munis were weaker Friday morning, following Treasuries, as positive employment data forced the risk-on trade.

Tax-exempt investors don't seem to mind investing in a market when yields across the curve are at or within reach of record lows. Demand was strong in the new-issue market and secondary trading was firm.

NEW YORK – Tax-exempt investors don’t seem to mind investing in a market when yields across the curve are at or within reach of record lows. Demand was strong in the new issue market and secondary trading was firm.

Following Wednesday, the tax-exempt market seems confused Thursday.

After a big rally early in the week and a mixed day for the tax-exempt market Wednesday, munis are taking it easy Thursday.

The tax-exempt market ended mixed Wednesday as traders said there were both buyers and sellers in the market.

NEW YORK – The tax-exempt market ended mixed Wednesday as traders said there were both buyers and sellers in the market.

Munis were mixed Wednesday afternoon as traders noted yields on the short-end were lower, but the large influx of deals pushed muni yields higher on the long-end. Munis were helped by weakening Treasuries.

Traders are experiencing a love-hate relationship with the tax-exempt market on Wednesday. Muni traders say that while $25 billion of reinvestment money hit the market, which should spur buying, most buyers aren’t willing to participate while yields stay so low.