The municipal market was mostly flat Monday amid light to moderate secondary trading activity, as 10-year munis matched the record low they established Friday.

“There wasn’t really much activity to speak of today, but it still feels pretty good out there,” a trader in Los Angeles said. “I don’t know that there was any real movement, or that we’re anything other than just flat, but it didn’t feel like there had been any sort of a change to the overall tone that’s been in the market for the past few weeks.”

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