Last week, "the major news on the municipal side was not constructive," Tom Kozlik, managing director head of municipal research and analytics at HilltopSecurities, said. "The Fed's outlook, the fund outflows, and jobs number all point to more uncertainty, volatility and higher interest rates most likely." Kozlik said activity is likely to keep interest rates higher for a longer period and that is going to keep refunding activity very low.

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