The tax-exempt market started to follow Treasuries stronger Friday afternoon after a worse-than-expected jobs number pushed investors into safer assets.
Municipal bond traders said large bid lists that surfaced Friday morning traded stronger by the afternoon and bonds from primary issues earlier in the week were reoffered at higher price levels.
Thursday, yields on the Municipal Market Data scale ended as much as four basis points higher. The 10-year yield rose four basis points to 2.71% and the 30-year yield increased two basis points to 4.22%. The two-year finished flat at 0.43% for the 12th consecutive session.
Yield on the Municipal Market Advisors scale ended as much as five basis points weaker. The 10-year and 30-year yields rose four basis points each to 2.92% and 4.32%, respectively. The two-year yield increased one basis point to 0.55%.
Treasuries were much stronger Friday afternoon. The benchmark 10-year yield fell 11 basis points to 2.61% and the 30-year yield slid seven basis points to 3.70%. The two-year yield slipped three basis points to 0.31%.
