The tax-exempt market got off to a typical slow start Monday morning as traders said the market was quiet.

"It's pretty slow right now," a trader located in the Southwest region said. "There is some decent stuff out for bid but there's just not a lot going on."

The primary market isn't expected to pick up until Tuesday with an estimated $5.42 billion expected to be sold this week.

On Friday, municipal bond market scales ended stronger.

Yields on the Municipal Market Data triple-A GO scale ended as much as three basis points lower. The 10-year yield plunged three basis points to 1.78% while the 30-year yield dropped one basis point to 2.90%. The two-year closed at 0.31% for the ninth straight session.

Yields on the Municipal Market Advisors 5% coupon triple-A benchmark scale closed as much as one basis point lower. The 10-year and the 30-year yield fell one basis point each to 1.82% and 2.98%, respectively. The two-year was steady at 0.33% for the fourth session.

Treasuries were mixed Monday morning. The benchmark 10-year yield rose one basis point to 1.86% while the 30-year yield fell one basis point to 3.06%. The two-year was steady at 0.25%.

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