Tax-exempt prices closed unchanged Friday after rising 1/8 to 1/4 point on jobs data, and market observers predicted that bonds would stick to a narrow price range in the face of this week's $2.8 billion new issue slate.
The market had been on hold last week, waiting for the employment data. Treasury prices jumped when October non-farm payrolls fell 1,000, well below the consensus forecast of a 20,000 gain, and the unemployment rate rose 0.1-point to 6.8%. Municipals lagged in the distance with prices unchanged to up as much as 1/4 point in light trading. But the market settled back down by mid-afternoon and trading ceased ahead of the weekend.