The municipal market was unchanged with a slightly weaker tone yesterday amid fairly light secondary trading activity and ahead of a substantial slate of new issuance later this week.

“The market is kind of quiet,” a trader in New York said. “People are coming in and liquidating some positions, making some profits. Basically, the bids are coming in sort of on the softer side. Not much by way of secondary trading. Pretty much a quiet Monday as we get towards the summer. The market has been flat.”

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