The municipal market was quiet and unchanged Friday, as participants stayed on the sidelines following a deluge of new-issue supply last week.
"I think everyone's just ready for the weekend, honestly," a trader in New York said. "We really got bombarded with supply this week, and I think everyone just needed to catch their breath a bit. And to an extent, that's what people have been doing the last two days, but I think that's definitely carrying through to today as well. There's not a lot trading, and people are content to just sit on the sidelines and wait for next week."