The municipal market was flat to slightly weaker Monday, as losses in the taxable market weighed on lightly-traded tax-exempts.

“There is very little trading thus far, so you could call it flat just based on that,” a trader in New York said. “But the continued taxable losses are still weighing the market down, so there’s a definite weaker tone. I’d say slightly weaker, but the lack of trading thus far makes that weakness difficult to quantify.”

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