Summer doldrums seem to have taken hold of the municipal market, as volume in July and year-to-date is off significantly, and the scenario does not look likely to change soon, with issuance not expected to pick up until fall.

July issuance declined 16.8% to $24.3 billion from last year and volume for the first seven months of the year declined 39.5% to $141.7 billion from the same period in 2010.

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