The municipal market was little changed yesterday amid fairly light secondary trading activity, as participants eased their way back from the long weekend.
“It’s very quiet, but it seems like retail is picking up a little, after a holiday weekend,” a trader in New York said. “Right now, there is very little going on. Possibly by tomorrow, things will pick up. People are looking to pick up some bonds, because it’s June and the redemption season is here. But it might take a couple of days. If the yields were about 50 basis points cheaper, I think you’d see a lot of people in the market.”