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Monday July 14, 2008
Market Post: Munis Slightly Weaker in Morning Trade
The municipal market was weaker by one or two basis points today, despite gains in the Treasury market, as details of the government’s bailout plan for troubled Fannie Mae and Freddie Mac become more concrete.
“The market is kind of just looking for its level right now. It’s quiet and, if anything, off a basis point or two,” a trader in New Jersey said. “It seems like there’s a little more supply than last week. Last week was kind of quiet as a whole, summer doldrums every day. Then on Friday, the big move in the Treasury market kind of froze the market. It was tough to get a lot done.”
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Posted by gsiegel [Today's BB Highlights] ( July 14, 2008 10:56 AM ) Permalink | Comments[0]