NEW YORK - The tax-exempt market stalled Monday as traders said it almost felt like a holiday. The primary market is seeing some activity as several New York deals are being priced for retail, but the secondary market has shut down.
"The secondary is slow, if not stopped," a Chicago trader said. "It's certainly not going forward and it almost feels like a holiday. I think ultimately there is no direction and there is not enough supply to push the market one way or the other."