The municipal market was mostly flat Wednesday amid light to moderate secondary trading activity as Mississippi hit the primary with the week’s largest transaction.

“It’s busier in the secondary than it was Monday and Tuesday, but it’s still fairly quiet,” a trader in San Francisco said. “People are generally just focused on the primary, waiting to see how we handle the supply. I also think there’s not going to be too much movement in the market until we see what comes out of the [Federal Open Market Committee] meeting week after next.”

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