Munis were little changed on Monday, as U.S. Treasuries cheapened and equities ended mixed.

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Muni yields increased by up to two basis points, depending on the scale, with the losses concentrated at the front end and belly of the curve. UST yields rose five basis points, pushing the two- and three-year UST to yearly highs.

Munis have had a muted reaction to swings from USTs for the last week. Chris Brigati, managing director and CIO at SWBC, said he expects that trend to continue unless USTs sell off aggressively.

“Everything in rates is contingent upon what’s going on in the discussions with Iran,” Brigati said. Municipal rates have grown “a tiny bit weaker in sympathy with [UST] rates, but overall the municipal market has been hanging in very, very well for the past week or so, and we’re optimistic and expect that to continue going forward.”