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.