Taylor Riggs

The municipal bond market was described as "range bound" Thursday as uncertainty over the direction of interest rates kept yield movements limited.

Uncertainty about the economy and the direction of interest rates has continued to push money to the sidelines as municipal bond traders said there was a lack of conviction in the market Thursday.

With little news to move the market, the secondary lacked depth Thursday morning and market participants cut bonds to get them out the door.

The tax-exempt market traded on a heavy note Wednesday after some of the week’s largest deals hit the primary Tuesday.

As the end of April approaches and traders wait for May 1 coupon payments to come due, the muni market took a pause.

After a flurry of competitive deals Tuesday, the primary market took a breather Wednesday and traders turned to the secondary market.

The large Wisconsin competitive sale helped buoy the tax-exempt market Tuesday in an otherwise unchanged trading session.

Traders in the municipal bond market said the market was flat as pricing of primary deals got underway.

The tax-exempt market was dead on arrival Tuesday morning as traders waited for new deals to start pricing later in the day.

The municipal bond market was expected to see almost $8 billion in new issuance this week, but will see $350 million less as New Jersey announced Friday it has postponed its competitive sale to May 1.

A quiet afternoon in the municipal bond market looked to dip in activity even more after New Jersey Friday postponed its $350 million competitive sale of general obligation bonds to May 1.

The tax-exempt market opened on a typical quiet note Monday morning as traders said munis traded steady.

The tax-exempt market ended the week with a stronger bias though activity started to slow by afternoon as the focus turned to the Boston manhunt.

The tax-exempt market gained strength from wild swings in equities and gold prices this week as deals were well received and bonds subsequently traded up in the secondary.

The secondary market continued to firm Friday afternoon though traders said activity started to slow.

The tax-exempt market felt stronger Friday morning as bonds were freed to trade in the secondary market and subsequently bumped in price.

The tax-exempt market showed strength in the secondary market Thursday traders said both the belly and the long end of the curve had a stronger bias.

Strength in the muni market moved to the belly of the curve Thursday afternoon as traders said high-grade 10-year bonds were trading through 2.00% in the secondary.

Buyers in the tax-exempt market came out early for another trading session and pushed the market higher.

With the largest deals of the week pricing Tuesday and the remainder pricing Thursday, a quiet primary market on Wednesday led to a more active secondary.