The tax-exempt market opened weaker Monday morning as muni yields followed Treasury yields higher. While munis were a tad weaker, traders said they were still positive about the market.

"We are not seeing any selling pressure in the market," a New York trader said. "We are relatively constructive on the market with a lack of supply this week and the decent technicals in the short-term."

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.