The municipal bond market was focused on the two largest deals pricing for institutions Wednesday, but traders said the market was mostly in limbo until the Federal Open Market Committee statement is released, followed by Federal Reserve Board Chairman Ben Bernanke's quarterly news conference.

"Most of the deals seem to be going OK," a New York trader said. 'But the Fed announcement is coming up so the market is on hold until the Fed speaks."

He added the market overall felt one to two basis points cheaper. "You have cross currents with Cyprus and equities doing better. Bonds are off from the highs yesterday, so it's a mixed market but on net a little weaker."

JPMorgan priced for institutions $1.4 billion of New Jersey Turnpike Authority turnpike revenue bonds, rated A3 by Moody's Investors Service, A-plus by Standard & Poor's and A by Fitch Ratings. Pricing details were not available by press time.

In retail pricing Tuesday, yields ranged from 0.74% with a 3% coupon in 2016 to 4% priced at par and 4.14% with a 4% coupon in a split 2043 maturity. Bonds maturing between 2027 and 2032 were not offered for retail. The bonds are callable at par in 2022 except for bonds maturing in 2023.

Wells Fargo Securities priced for institutions $900 million of New York City Transitional Finance Authority tax-exempt, future tax-secured subordinate revenue bonds, rated Aa1 by Moody's and AAA by Standard & Poor's and Fitch. Details were not yet available.

The New York trader said yields were tightened one to two basis points from retail pricing, confirming that deals are going OK Wednesday.

In the second retail order period Tuesday, yields on the first series, $650 million of tax-exempt subordinate bonds, ranged from 0.54% with a 4% coupon in 2016 to 3.83% with a 4% coupon in 2039. Bonds maturing in 2015 were offered via sealed bid. Credits maturing between 2025 and 2030 were not offered for retail. The bonds are callable at par in 2023. Yields were lowered as much as three basis points from the first retail pricing Monday.

Yields on the second series, $72 million of future tax secured tax-exempt subordinate bonds, ranged from 0.44% with a 4% coupon in 2015 to 2.91% with a 5% coupon in 2028. Credits maturing in 2013 and 2014 were offered via sealed bid. The bonds are callable at par in 2023. Yields were cut as much as four basis points from the first retail pricing Monday.

Yields on the third series, $178 million of future tax secured tax-exempt subordinate bonds, ranged from 0.44% with a 4% coupon in 2015 to 3.42% with a 3.25% coupon in 2031. Credits maturing in 2014 were offered via sealed bid. The bonds are callable at par in 2023. Yields were cut as much as four basis points from the first retail pricing.

In the competitive market, Citi won the bid for $100 million of New York City TFA taxable bonds. The bonds yielded 3.99% with a 4.2% coupon in 2038 with an 82-basis-point spread to the comparable Treasury yield.

Massachusetts auctioned $525 million of GOs in two pricings, $450 million and $75 million, rated Aa1 by Moody's and AA-plus by Standard & Poor's and Fitch.

Bank of America Merrill Lynch won the bid for $450 million. Yields ranged from 0.66% with a 5% coupon in 2017 to 3.54% with a 4% coupon in 2043. The bonds are callable at par in 2021.

Citi won the bid for $75 million of taxable bonds. The deal was priced to yield from 0.29% in 2014 to 1% in 2018.

On Tuesday, yields on municipal bond market scales ended lower for the second session.

Yields on the MMD triple-A GO scale ended as much as three basis points lower. The 10-year yield fell three basis points to 1.94% while the 30-year yield dropped two basis points to 3.09%. The two-year finished flat at 0.31% for the 21st consecutive session.

Yields on the Municipal Market Advisors 5% coupon triple-A benchmark scale ended as much as two basis points lower. The 10-year yield fell one basis point to 2.00% while the 30-year yield dropped two basis points to 3.18%. The two-year held at 0.33% for the 16th session.

Treasuries were weaker Wednesday afternoon. The benchmark 10-year yield jumped four basis points to 1.95% while the 30-year yield rose three basis points to 3.17%. The two-year yield increased one basis point to 0.26%.

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