The municipal market was quiet and unchanged yesterday, while Houston came to market with roughly $450 million of debt.“There isn’t a lot happening. I am not seeing any activity,” a trader in New York said. “I wish I could put this in trade to show that it’s up there and different, but so far the day’s been a complete zero. There is nothing on my trade blotter. It’s very nondescript.”

“The market is fairly quiet but there is a very good feel to it,” a trader in Los Angeles said. “I would say that the activity is relatively muted among the institutional buyers but there still is a decent tone to it and retail seems to be participating.”

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