Monday’s light activity underscored the murky view participants have into the municipal market.

Sustained volatility, mixed messages from the Federal Reserve and a large calendar combined to discourage dealers from taking on risk and others to hold onto cash they have to spend until the week’s new volume arrived, traders said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.