The municipal bond rally paused Monday with tax-exempt prices holding at calendar-year highs. Traders said they are awaiting new deals this week before moving in either direction.

“Our market was essentially unchanged — there was a whiff of softness but you really couldn’t pin it down,” a trader in New York said. “There were no bid-wanted lists of any size or note, and the news affecting the rest of market had no impact on munis.”

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