The municipal market was unchanged to slightly firmer yesterday amid fairly light trading activity in the secondary, as participants await new issuance in the primary market later this week.
“There’s not a lot going on at this point,” a trader in New York said. “We’re fairly quiet and pretty much just unchanged. There doesn’t appear to be a lot of motivation on the part of traders right now — people are on the sidelines for the most part, it seems. There is a decent calendar this week, and I think people are just waiting on the new issues.”