The municipal market was unchanged yesterday, as trading in the secondary market remained somewhat quiet, and interest in the primary market waned with the lion's share of this week's sizeable new issuance in the past."You had people involved with the new issues the last couple days, but there's not really much left," a trader in New York said. "The secondary had been quiet all week anyway, but it's still quiet today. There's just not a whole lot going on right now. We're pretty flat, pretty quiet."

"There are some scattered things getting done here and there," a trader in Los Angeles said regarding the secondary market. "There are still people who have stuff they want to move, other people that are looking for stuff. So we're active in that respect. But it's late in the summer, a lot of people aren't around, and those that are really are only doing stuff when they need to, when they feel compelled. A lot of people are content to sit on the sidelines, and it'll probably continue like this until after Labor Day."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.