The municipal market was little changed Friday amid fairly light secondary trading activity and ahead of a long weekend in observance of Memorial Day.

“The market is very, very quiet,” a trader in New York said. “Retail seems to be already out at the beach. It’s very quiet. No activity, very few bids out there right now. It’s unchanged right now. On Tuesday, a lot of new money will be coming in for redemptions, so it’s going to be busy.”

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