The tax-exempt market traded steady to a few basis points weaker Tuesday afternoon as the secondary faded and market participants prepared for pricings of new deals.

"Most people are focused on new issues," said Dan Toboja, vice president of Ziegler Capital Markets. "The new issues are going to be lighter than a full week just because people don't want to bring deals in a holiday-shortened week so it's adding up to not much going on today. When deals start pricing tomorrow the market should pick up when people look at their cash positions."

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