A whole lot of nothing took place in the muni market Thursday. New issuance was slim and secondary trading was light as both issuers and buyers decided it was best to wait for the political turmoil in Washington to settle before making any major moves.

“There’s been a total lack of activity,” said Alan Schankel, head of fixed-income research and strategy at Janney Capital Markets. “A lot of people are doing virtually nothing so it’s been lucky for the municipal market that this has been a very low-volume week.”

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