The municipal market eased its way into the week on Monday with little activity, as traders look to assess the impact that Detroit's historical bankruptcy may have on the market.

"The Detroit news is settling in for the first time with retail investors," said one trader in New York. "People were out on a very hot Friday, pushing it aside, and this will be the first week seeing how the Detroit news spills into the market. So far it's not a huge impact, but the retail investor does get scared."

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