The municipal market was largely unchanged yesterday in light secondary market trading activity."It's fairly quiet out there," a trader in New York said. "There's not a whole lot going on. Not a lot trading, not a lot of movement. I'd say we're fairly unchanged right now."

"I'm not really seeing any direction here, just totally flat," a trader in Los Angeles said. "I expect activity to pick up as the week moves forward, but only to a certain degree, because it is August. As for today, though, there's not a whole lot to talk about. Not a lot trading, pretty unchanged."

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