The tax-exempt market gained Monday, blindly following Treasuries as the primary and secondary markets offered no guidance.

“It’s going to be really quiet going through year-end,” said a trader in Chicago. “Treasuries have continued to rally and munis won’t perform until the New Year,” he said, noting that $22 billion in coupon payments are coming due Jan. 1 and supply is hovering around $2 billion to $3 billion. “So there is a lot of stuff that could potentially get done.”

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