The municipal market was unchanged to weaker in light trading yesterday after ending last week on a lackluster note that put a halt to an April rally.

"It's sort of a summer Monday - it feels pretty slow and the muni market has backed up a little bit," a trader in San Francisco said. "The muni market seems to be consolidating robust gains that have been achieved over the past couple of weeks. I think they're just backing off a little bit after a big run."

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