The tax-exempt market continued to see quiet trading Monday afternoon as traders said there was not enough supply to move the market this week.

"It seems like we are in holiday mode," a New York trader said. "The $1 billion Texas deal is a one-off. So there is nothing crazy going on today. There are some customer bid-wanteds out but whatever business you see will be Monday and Tuesday. And that will be it for the week."

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