Munis were stronger on Monday, with a light calendar ahead of the Federal Open Market Committee meeting, as U.S. Treasuries richened and equities ended mixed.

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Muni yields were bumped up to five basis points, depending on scale. UST yields richened up to four basis points.

The strong day for munis and USTs is likely due to the United States pausing its military strikes on Iran, said Ajay Thomas, head of public finance at FHN Financial. Thomas expects the muni market is done selling off after last week’s correction, but there are plenty of factors that could create volatility in the coming week.

The FOMC meeting, which ends on Wednesday, and the release of GDP and consumption data this week could move markets, Thomas said.

“Keep in mind, we’re also at month end this week,” he added. “Investors typically, historically have rebalanced their investment portfolios at month end.”

“Once those things get into the market, it very quickly could change, and we could return to [last] week’s posturing,” Thomas said. “I think the linchpin for [yields] is going to be: does the war heat up again? Do we return to strikes, and do we have more flashpoints that will send oil spiking?”