The municipal market was weaker yesterday, following Treasuries.
“The market is off a fair amount, as we got kind of smacked here with the retail sales [number],” a trader in Chicago said. “It was kind of poised to go down. The market’s fine, though, at this level, people will start coming back in. There’s a lot of money that’s got to be reinvested, and I can’t imagine it’s going into stocks. People are just waiting on the sidelines, which so far has paid off. Bottom line, we’re off five to nine basis points.”