NEW YORK – Activity in the tax-exempt market was busier than a typical Monday morning as reactions to the Greek and French elections forced a risk-off trade and moved Treasuries higher. Munis followed Treasuries, although at a lag.

“It’s a bit busier for a Monday,” a New York trader said. “But it’s kind of sideways.”

He added muni prices aren’t necessarily making big movements because the market always lags Treasuries.

Munis were slightly stronger Monday morning, according to the Municipal Market Data scale. Yields inside five years were steady while the six-year yield fell one basis point. Outside seven years, yield dropped as much as two basis points.

On Friday, the 10-year yield fell three basis points to 1.82% while the 30-year yield dropped four basis points to 3.15%. The two-year yield closed flat at 0.31% for the 13th consecutive trading session.

Treasuries were stronger, but pared gains as immediate reaction to the European elections died down. The benchmark 10-year yield and the 30-year yield each fell one basis point to 1.87% and 3.06%. The two-year was steady at 0.27%.

In the primary market, $6.06 billion is expected to be priced, down from last week’s revised $6.55 billion. On the negotiated calendar, $4.18 billion is expected, down from last week’s revised $5.8 billion. In competitive deals, $1.88 billion is expected to come to market, up from last week’s revised $752.7 million.

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