The municipal market was unchanged to slightly firmer Friday, after the non-farm payrolls report showed that 17,000 jobs were cut in January, but its effect was tempered by an upwardly revised December non-farm payrolls figure.
“There is some trading going on, but not a whole lot though,” a trader in New York said. “We’re up about a basis point or two, if anything. It seems like we’re hitting sort of a brick wall here, as far as a push. The Treasury market seems to have the same problem. There’s just some buying going on, but it’s not like it was a couple weeks ago, when everyone was enthusiastic. There are a lot of problems with all the insurers, so the buyers are picky. If you’ve got a good, clean name, you can sell it. Otherwise it’s hard to get anything going.”