Taylor Riggs

Activity in the tax-exempt market slowed Friday afternoon after a busier, stronger morning session.

The tax-exempt market took a beating this week as new deals got a brutal reception and existing debt sustained significant losses in the secondary market.

After a six-week selloff that pushed tax-exempt yields more than 60 basis points higher, munis were active and posted small gains Friday morning.

The selloff in the tax-exempt market slowed Thursday as buyers decided the increase in yields over the last six weeks was enough to create an entry point back into the market.

The tax-exempt market found its footing Thursday afternoon as Treasuries rallied and muni yields were high enough to entice buyers.

After four consecutive sessions of weakening, the tax-exempt market opened calmer Thursday morning as Treasuries rallied, providing some relief to munis.

The tax-exempt market continued to post losses for the fourth consecutive trading session as some of the largest deals of the week in the primary came with concessions and secondary bid-ask spreads widened.

The tax-exempt market continued to weaken Wednesday afternoon though the tone of the market felt better than earlier in the week.

The tax-exempt market continued to weaken Wednesday morning as traders said even though the market gets cheaper every day, buyers are in no rush to start participating.

With a primary supply calendar building, tax-exempt buyers waited on the sidelines for a more attractive opportunity to enter the market, even as bids surfaced in the secondary and the market weakened for another session.

Recent illiquidity in the municipal bond market is making price discovery difficult for traders, a problem that is being complicated by divergences in the indexes they use to track benchmark yields

Bids continued to surface in the tax-exempt market Tuesday afternoon as sellers looked to purge bonds, though traders cautioned the bids didn't necessarily turn into actual trades.

Fading Treasuries drove the municipal bond market down Tuesday morning as traders said the market opened much lower even after Monday's selloff.

Tax-exempts ended Friday softer, following Treasuries, on better-than-expected employment numbers, though some traders were hesitant to cut prices further.

The tax-exempt market posted losses this week with over $1 billion in outflows from muni bond funds, primary deals that lowered prices and raised yields, and a weaker secondary market.

The tax-exempt market continued to weaken Friday afternoon as Treasury yields rose.

The tax-exempt market headed slightly lower, following Treasuries, after May non-farm payrolls growth came in slightly better than expected.

A choppy Treasury market and jobless claims that came in as expected left the tax-exempt market quiet.

The tax-exempt market was in limbo Thursday afternoon ahead of Friday's employment number as traders said munis were steady, ignoring stock and Treasury movements.

The tax-exempt market opened on a quiet note Thursday morning with no primary deals to provide direction and mostly flat Treasuries and as-expected economic news.