NEW YORK – The tax-exempt market was steady Tuesday, holding its ground against weaker Treasuries, following a strong day in the market Monday.

“Munis are flat,” a New York trader said.

The Municipal Market Data scale was not updated by press time. On Monday, the two-year yield closed steady at 0.31% for the fourth consecutive trading session. The 10-year yield and the 30-year yield each dropped three basis points to 1.85% and 3.25%.

Treasuries were slightly weaker Tuesday morning. The benchmark 10-year and the 30-year yields each rose two basis points to 1.95% and 3.10%. The two-year was steady at 0.27%.

In the primary market, JPMorgan is expected to offer to retail $464.2 million of Ohio hospital revenue bonds for the Cleveland Clinic Health System, rated Aa2 by Moody’s Investors Service and AA-minus by Standard & Poor’s. Institutional pricing is expected Wednesday.

Jefferies & Co. is expected to price $269.6 million of Houston general obligation bonds, rated AA by Standard & Poor’s.

In the competitive market, New Jersey Economic Development Authority is expected to auction $434.6 million of revenue bonds in two pricings – a $412.8 million deal followed by a $21.8 million issue. The authority is rated A1 by Moody’s and A-plus by Standard & Poor’s.

Raleigh, N.C., is expected to sell $147.6 million of GOs, rated AAA by Standard & Poor’s.

In economic news, sales of new single-family houses fell 7.1% in March to a seasonally adjusted annual rate of 328,000, down from February’s upwardly revised rate of 353,000.

The March figure came in above the 320,000 expected by economists.

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