Friday’s trading session offered little for anyone in the municipal bond market. Yields barely moved and remained oppressively low for many participants. And the day’s inactivity proved Thursday’s rally to have been a brief affair.
“It was a little bit of a sell-off today,” a New York trader said. “That could help on Monday; we certainly could use a rise in yields. If you went to buy something, you certainly got it cheaper, because probably no one else was trading anything out there, either.”