James Ramage

NEW YORK — The Federal Open Market Committee successfully took the Treasury yield curve out of the forge Wednesday and hammered it flatter over the anvil of Operation Twist.

The middle to long end of the tax-exempt yield curve has been gaining downward momentum.

The Federal Reserve has spoken, and Treasury yields have reacted, flattening the curve. As of early Thursday, municipal yields are definitely following them, pushing lower from levels already wallowing in the trenches.

News from the Federal Open Market Committee may make tax-exempts more attractive compared to Treasuries, but by helping to lower muni yields on the long end, it won’t bring in more investors.

NEW YORK — News from the Federal Open Market Committee may make tax-exempts more attractive compared to Treasuries, but by helping to lower muni yields on the long end, it won’t bring in more investors.

The Massachusetts competitive general obligation issuance was priced aggressively and has seen decent activity.

The municipal market is seeing reasonable activity in the secondary preceding Wednesday afternoon’s Federal Open Market Committee policy announcement. Traders are also looking to the morning’s offering of $475 million Massachusetts general obligation bonds in the competitive market, a trader in New York said.

The municipal market met a heavy load of new supply head on Tuesday and held its ground. Yields, already presumed to be too low recently by market participants, only ticked lower.

NEW YORK — The municipal market met a heavy load of new supply head on Tuesday and held its ground.

Smaller deals reaching the primary are providing some guidance to the municipal market Tuesday.

The municipal market is waiting for the institutional order period to begin Tuesday for California’s first general obligation issue of 2011, as well as some of the week’s other large new issues. The retail order period for the California GOs set the tone for the broader market Monday.

For the second straight week, and after six consecutive weeks of outflows, municipal bond mutual funds actually stayed positive.

The municipal market welcomed the large uptick in new issuance Thursday with a hearty appetite, particularly on the competitive side.

NEW YORK — The municipal market welcomed the large uptick in new issuance Thursday with a hearty appetite, particularly on the competitive side.

The uptick in new issuance continues to dominate the municipal market Thursday. Larger deals are coming to market, including on the competitive side, and are finding a willing audience.

The uptick in new issuance continues to dominate the municipal market Thursday. Larger deals are coming to market, including on the competitive side, and are finding a willing audience.

This week’s new issuance is being well received by the municipal market, in general. There just needs to be more of it, traders say.

New offerings in the tax-exempt primary market showed solid demand for value Wednesday.

NEW YORK — The new primary municipal bond deals showed solid demand for value Wednesday.

As the week’s deals roll in Wednesday, the municipal bond market is seeing some price discovery. The secondary market, meanwhile, has been mostly quiet to let the industry digest the new volume.