The municipal market was weaker by four or five basis points yesterday, in line with Treasuries, which saw a reversal of Monday's steep gains as lawmakers expressed intent to salvage the $700 billion bailout plan that was voted down by the House Monday.
"We're really seeing a pickup now in individual investors," said Evan Rourke, portfolio manager at MD Sass. " They're just starting to really come in, and from our side, we're writing a lot of tickets at pretty good prices. That said, if you have a block of $5 million that you have to sell, it's going to come at a deep concession. So today was a very mixed day in terms of price discovery. You could point to some pretty high levels on some things, and you could point to some pretty cheap levels on some other things."