The tax-exempt market showed major signs of slowing Friday morning as most traders were off the desk ahead of the three-day holiday weekend.

One New York trader focused on institutional size trades in the secondary market said it was quiet. "There is nothing going on. It's dead."

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.