The municipal market punched below its weight Thursday. Whether it was the dearth of new issuance, the sclerotic secondary market, or the fact that too many retail investors stood on the sidelines, there was a pronounced lack of interest in munis.
"We're feeling a little bit easier today," a trader in New Jersey said. "But I'm not seeing anyone with a gun to his head looking to just dump bonds. There's none of that panic in the market where you see motivated sellers."