Just $1.6 billion in new issuance was seen in the asset-backed market last week, mainly due to market players taking their summer vacations. Also, some market sources are pointing a finger at the players that are choosing to shy away from the markets as the Federal Reserve Board meeting scheduled for August 22 draws near.

"The one thing we do know going into those decisions is that its gets a little quieter than normal because people are waiting to see what's happening," one analyst said.

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