The tax-exempt market opened on a quiet note Tuesday morning as traders said activity was slow to start.

"It's very slow," a Pennsylvania trader said. "It still feels heavy from the end of last week. Monday was heavy and I don't think muni scales were cut as much as they should have been. From what I can tell, I sense it's weaker than where the scales are."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.