With a large calendar ahead this week in the primary market, tax-exempts were mostly unchanged yesterday, with a slightly weaker tone in mostly light activity.
"Dealers are kind of hesitant to sell," a trader in Los Angeles said. "We've made counters on several things, and we've been close, but dealers are largely just sticking to their prices. They won't bend. It's a big new-issue calendar this week and next, and I think today is just a regrouping day, so to speak. The market is basically flat, with no real excitement."