The municipal market finished slightly weaker yesterday, following Treasuries, as secondary market trading activity remained light."We're a little weaker," a trader in New York said. "There's some pressure from Treasury yields rising, and we're down a little I guess in sympathy. But we're definitely cheapening up a little bit, probably two or three basis points in some spots, closer to one or two [basis points] weaker overall. But it's quiet."
"It's fairly quiet, but there's certainly a weaker tone out there," a trader in Los Angeles said. "We're probably down a basis point on the whole, maybe two basis points here and there, but I'd say closer to one than two."