The municipal market was unchanged to slightly weaker yesterday amid somewhat light secondary trading, as some of the week’s largest deals were priced in the primary.

A Los Angeles trader said that market participants “were a little confused by feeling that there is going to be plenty of money around for the June reinvestments, and when that didn’t seem to materialize in a waterfall of money, they began to feel, especially on the trading side, that they made a mistake.”

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