The municipal market was quiet and largely unchanged yesterday following last week's volatility, as investors largely manned the sidelines in advance of the Christmas holiday later this week.

"It's pretty quiet now," a trader in New York said. "After the rallying we saw last week, I think everyone is just ready for the holidays at this point. There's nothing out there on the new-issue calendar, and really, for all intents and purposes one more trading day this week, which is tomorrow, so people are just on the sidelines getting ready for the holidays."

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