The tax-exempt market opened Monday morning on a quiet note as traders had a hard time getting back to work. With limited issuance for the third week in a row, the primary market isn't able to provide direction.

"Listen carefully," a Chicago trader said. "Listen to this. What do you hear? Nothing."

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.