The tax-exempt market was weaker Monday morning, despite stronger Treasuries, as growing resistance to record low yields pushed prices lower for a second trading session. Munis were weaker ahead of what traders said was a manageable primary calendar this week.
Munis were weaker Monday morning, according to the Municipal Market Data scale. Yields inside six years were steady while yields on the nine- to 22-year rose as much as two basis points. Outside 23 years, yields were flat.
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Treasuries were stronger across the curve. The benchmark 10-year yield and the 30-year yield fell two basis points each to 1.53% and 2.61%, respectively. The two-year yield dropped two basis points to 0.24%.
In the primary market, $5.62 billion is expected to be priced, up from last week's revised $5.21 billion. In the negotiated market, $4.16 billion is expected to come to market, up from last week's revised $3.35 billion. On the competitive calendar, $1.46 billion is expected to be auctioned, down slightly from last week's revised $1.86 billion.
