The tax-exempt market was slightly weaker yesterday, in light trading, as participants eased their way back in from a three-day holiday weekend, and an issuer in Kentucky competitively sold $41 million of taxable Build America Bonds in a largely inactive new-issue market."It's still fairly quiet, but we're cheapening up some," a trader in New York said. "We're probably down a good two or three basis points, maybe even a little more on the long end, but there's not too much trading going on."

"People are still kind of making their way back from the long weekend, so there wasn't a whole lot of activity, but it was clearly down a bit," a trader in Los Angeles said. "I'd say it was a solid three basis points weaker."

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