As municipal market participants surveyed their surroundings after the worst days of the market's recent history, a robust primary calendar and still uncertain buying conditions have many participants wondering when or whether the market can recover.

On Friday, traders said the market was weaker by as much as 10 basis points in some parts of the curve, based largely on heavy selling by institutional investors like hedge funds, arbitrage accounts, and tender options bond trusts. The huge volume of secondary supply led to a high number of trades.

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