A day after muni yields plunged into the record books, the market paused to absorb the depths it has reached. Trading activity in the secondary, moderate to start the session, tailed off Friday into a state of wary and weary stasis.

“Given all the moves we’ve had, and the volatility Treasuries saw, everyone seemed to step to the sidelines today,” a California trader said. “It was much more difficult to get things done. Everyone was waiting to see what’s going to happen, if these levels are going to hold.”

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