The municipal market was mostly unchanged Friday in fairly light secondary trading activity.
“Retail is shutdown,” a trader in Los Angeles said. “Without retail, we are nothing. They pretty much drive the market, and it spurs traders to come back on the Street to purchase bonds. We are on shutdown mode right now. Today, bids are at zero. On Fridays, unfortunately, it’s a lot of attitude and apathy, just one or two guys who want to do something constructive.”