The Bond Buyer's weekly yield indexes declined last week, as tax-exempts firmed in each of the abbreviated week's sessions in advance of the Christmas holiday.

Matt Fabian, managing director at Municipal Market Advisors, said muni yields have crept downward the past few days in part because of the belief that the surge in Treasuries is unsustainable. After the Federal Reserve slashed its interest rate target to nearlyzero two weeks ago, yields on 10-year Treasuries touched as low as 2.04%. As recently as October, they yielded more than 4%, according to Municipal Market Data.

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