State and local municipalities are preparing to pare down issuance this week after an eventful week in which the tax-exempt market saw repeated softness, a second large financing in as many weeks was postponed, and the Federal Open Market Committee announced it would stand pat, .

An estimated $4.78 billion in new volume is slated to be priced this week, according to The Bond Buyer and Ipreo LLC. That is noticeably lower than in the previous week when a revised $5.98 billion entered the market, according to Thomson Reuters.

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