Secondary bond market

While the cost of small trades is higher than institutional trades across all fixed-income markets, the gap is more pronounced in the municipal bond market.

The primary market saw "decent subscriptions" last week, but the entire primary calendar came at "healthy concessions to where evals had been marked on existing bonds," Birch Creek strategists said.

First Southern LLC failed to timely and accurately report on trades executed for an affiliated hedge fund, FINRA said.

The week was a long-awaited reckoning with record supply, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

Munis are "under pressure as elevated primary supply collides with lackluster seasonal reinvestment flows, leaving dealers heavy and buyers selective," said James Pruskowski, an investor and market strategist.

As the market continues to contend with the surge in issuance, investors still have a significant amount of cash that can be put to work, said Jeremy Holtz, a portfolio manager at Income Research + Management.

As always, economists had disparate interpretations of the consumer price index, with none expecting a July rate cut. And tariff questions remain unanswered.

Prices for some bonds issued for Florida's express train have fallen sharply since Friday.

"The muni market seemed to ignore Treasuries [last] week, marching to its own beat," said Birch Creek strategists.

New York issuers lead a $9 billion slate.