New volume will shrink to just under $1 billion in the primary market this week for the arrival of the third quarter and July 1 reinvestment season. Several deals continue to be on hold afterlast week’s roller coaster ride -- even though the municipal market has since regained about  half of the nearly 60 basis points it gave up during the turbulence.

Traders expressed relief on Friday as the benchmark general obligation scale in 2043 ended at a TK%, according to Municipal Market Data, and they looked forward to this week’s breather as issuance is expected to fall to an estimated $991 million, according to Ipreo LLC and The Bond Buyer.

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