The municipal market was largely unchanged yesterday, with the Federal Reserve's monetary policy meeting on the horizon, slated for today and tomorrow.

"It's quiet and fairly flat," a trader in New York said. "A few bonds came out for the bid early on. I thought maybe we'd see a ton of bid-wanteds, but we really didn't end up with much. Besides that, there's not much going on. I think yields have to come off quite a bit for retail to jump back in. I think they got used to 5% levels, and kind of got locked into that."

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