The municipal market eyed two large deals pricing for retail investors on Wednesday following a successful underwriting of the $1.78 billion of Jefferson County, Ala., sewer warrants the previous day.

With the focus on the new issues in the primary, the secondary market cheapened and traders said they were able to complete transactions. Wednesday afternoon, the Federal Open Market Committee released minutes from its October meeting that said “If economic conditions warranted, the committee could decide to slow the pace of purchases at one of its next few meetings.” Fixed income markets subsequently weakened.

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