The tax-exempt market continued to trade with very low volume Tuesday as traders said it was quieter than most Mondays.

"It's quiet," a Los Angeles trader said. "It could be a little hangover from the weekend. There is very little on the bid-wanted side and no new issues today. Treasuries aren't doing anything so there is no direction. We are all waiting for something to happen."

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.