The municipal market was largely unchanged yesterday in light activity, and Philadelphia accelerated pricing on its $165 million general obligation bond sale, bringing it to market yesterday instead of today.

"There's not much going on right now," according to a trader in New York. "And actually, we're close enough to the holidays and we have a light enough new-issue calendar that it's debatable whether there is going to be anything much going on between now and Christmas. It's not like the market's been in great shape recently as it is. I think there's a significant chance people just man the sidelines through the holidays now."

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