After six straight weeks of modest declines, traders see tax-exempt rates stabilizing this week, despite a much lighter $1.5 billion new-issue calendar.

Trade buyers and permanent investors have been absorbing $3 billion calendars for the last several weeks without batting an eye, and interest rates have managed declines in the face of the heavy supply. But with the July jobs figures coming out this Friday and the Treasury auctions coming up next week, some municipal market participants said on Friday that they expected a leveling off in rates this week and early next week.

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