The municipal market was quiet and mostly flat Friday, as the summer doldrums continued."It's fairly quiet," a trader in New York said. "Not a lot of movement. You can maybe pick up a basis point or two out long, but the short and intermediate part of the curve is totally flat."

"Some business is getting done, and there are a decent number of trades out there, but I don't really think too many people are involved," a trader in Los Angeles said. "Most people are sort of on the sidelines, but the people that need to get stuff done are getting it done. But we're quiet, and pretty flat."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.