Taylor Riggs

Traders appeared to be in vacation mode Monday afternoon as trading remained quiet at the start of this holiday-shortened week. And most market participants said activity wasn't likely to pick up anytime soon.

The municipal bond market opened like a typical quiet Monday with very little trading, even with a weaker Treasury market on news that Cyprus secured a bailout.

The municipal bond market ended a mixed week on a stronger note Friday despite traders noting activity was subdued with the March Madness tournament just beginning.

Traders in the municipal bond market were more concerned about March Madness than trading tax-exempts as activity was quiet.

The tax-exempt market grew firmer this week as deals were priced to go in what was one of the largest primary slates of the year.

After what was one of the largest weeks in the primary market, tax-exempts took a break Friday morning as traders said activity was very quiet.

After a rally in the municipal bond market stemming mostly from woes in Cyprus, tax-exempts started to cool off Thursday in what traders described as a mixed session.

With most of the week's primary issuance out of the way, traders focused on the secondary market Thursday.

New York's Metropolitan Transportation Authority priced Thursday morning, wrapping up a list of large deals this week that have been relatively well received.

The biggest deals priced for institutions in the municipal bond market Wednesday and took much of the focus, though traders also kept their eyes on the Federal Open Market Committee announcement.

The municipal bond market was focused on the two largest deals pricing for institutions Wednesday, but traders said the market was mostly in limbo until Federal Reserve Chairman Ben Bernanke speaks this afternoon.

Interdealer trading has been on the rise recently, extending what has been a year-long streak of higher par value and total number of trades into 2013.

East coast issuers were stealing all the attention Wednesday as New Jersey Turnpike Authority, New York City Transitional Finance Authority, and Massachusetts were all expected to hit the market with a large amount of bonds.

The biggest deals in the municipal bond market priced for retail Tuesday and while traders were focused on the primary market, most of the attention went to a firmer Treasury market as Cyprus woes continued.

The municipal bond market seemed to be purely driven by Treasuries Tuesday afternoon as traders said that without a Treasury rally, the market would not have as much confidence.

The tax-exempt market continued to firm Tuesday morning after an overall risk off trade pushed bonds higher Monday.

The municipal bond market ended a few basis points stronger Monday, reversing a two-week losing streak as Eurozone woes pushed fixed income assets higher.

Fears resurfacing over the Eurozone and Cyprus banks Monday morning pushed fixed-income assets higher on a global risk off trade.

The municipal bond market ended mostly steady Friday after a two-week long selloff that pushed yields up double digits.

Tax-exempts continued to cheapen Friday afternoon as traders said munis separated from Treasuries and were not following their taxable counterparts higher.