The municipal market was largely unchanged yesterday, despite gains in the Treasury market, as details of the government's plan to support troubled Fannie Mae and Freddie Mac became more concrete.
"The market is kind of just looking for its level right now. It's quiet," a trader in New Jersey said. "It seems like there's a little more supply than last week. Last week was kind of quiet as a whole summer doldrums every day. Then on Friday, the big move in the Treasury market kind of froze the market. It was tough to get a lot done."