Municipals idled ahead of today's employment report as participants waved goodbye to a summer that saw a lot of wheel spinning and little progress made.

"It's been one of those summers where you saw a lot of volatility but we didn't go anywhere," one trader said, adding that "zero" was happening yesterday as the Labor Day weekend, apathy, and anticipation of the August employment report strangled activity. For example, municipals yesterday were trading at levels either the same or slightly better than the previous week's levels, the trader said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.