The municipal market was mostly flat with a slightly weaker tone Friday amid fairly light secondary trading activity and a barren new-issue calendar.
“This whole week has been rather directionless, and it’s more of the same today,” a trader in New York said. “The secondary is pretty quiet. It was quiet Monday and Tuesday, picked up a bit Wednesday, but then regressed in terms of activity yesterday. There have been some bits and pieces trading so far, but we’re flat.”