The tax-exempt market opened on a quiet note Monday morning as traders waited for Jefferson County, Ala., to issue a second retail pricing for $1.8 billion of sewer revenue bonds.

"It's a trade-by-appointment day," a Chicago trader said, adding that outside the Jefferson County and $1.5 billion Port Authority of New York and New Jersey deals, supply is relatively light this week. "Refundings are off the table and it doesn't feel like big supply is going to happen. Outflows have come. People are going to boutique shops and the big funds are down."

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