With most of the municipal market still in holiday mode this week, the short-term market will dominate the official first full week of the third quarter with a planned $700 million note sale from the New York State Thruway Authority.

In the long-term market, new-issue activity will all but fizzle out as only a few relatively large deals are expected, the largest of which is $210 million of revenue debt from the California Infrastructure and Economic Development Bank.

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