The municipal market was mostly unchanged yesterday in light activity, absorbing an onslaught of primary activity this week led by Tuesday’s $6.5 billion California offering.

“There’s some trading going on out there, but not a whole lot at this point,” a trader in New York said. “I think it’s more picking up from yesterday, dealing with the supply that’s out there now. We’re pretty flat, but there’s still an underlying weakness in the market. I don’t know if I’d say things are trading any cheaper, or that I’d call it down a basis point or anything, but there is certainly a weaker tone. But I’d say we’re flat.”

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