The tax-exempt market saw a flurry of activity Tuesday morning as traders said the market was moving lower ahead of what is expected to be one of the bigger days for the primary market.

"It's weaker," a New York trader said. "There is a little bit of trading going on."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.