The tax-exempt market moved lower for the fourth session as traders said they were less willing to buy bonds at extremely high prices and sellers were forced to cut prices.
"It's a little weaker," a New York trader said. "It's a primary market because things are getting hung up in the secondary. We were bidding on a Rockland County bond and were 35 basis points behind where the guy wanted to sell. So things are getting hung up like that."