Munis were little changed on Monday, as U.S. Treasuries cheapened in response to news of a weakening ceasefire with Iran, and equities ended higher.

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For municipals, Monday’s market was more of a “non-market,” said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

Muni yields cheapened by up to one basis point. UST yields rose up to six basis points, with the biggest losses around the two- to five-year maturities.

Throughout last week’s volatility, munis showed almost no reaction to the volatility in USTs, Olsan said. This week, there’s a fairly full calendar of new-issue bonds, with many deals “competing for attention,” she said.

“There’s probably some build-up to come. [With] Treasuries reacting to the delay and any peace negotiating that’s happening, I think, if it holds into [Tuesday], it will probably bring some adjusted price activity,” Olsan said. Munis may not see “as big a reaction as what’s happening today in govies, but likely some response, either new issue spreads, or some bids wanteds easing on the yield side.”