As the municipal market closes the book on the first half of 2008 and prepares for the start of the summer reinvestment season tomorrow, activity in the primary market will slow as underwriters, investors, and issuers cut the week short ahead of Friday's July 4th holiday.

Investors who are expecting proceeds from July 1 coupon payments, or maturing or called bonds will have little to choose from this week as volume is estimated at just $1.67 billion, according to Thomson Reuters. That pales in comparison to last week when a revised $10.24 billion made its way to market.

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