The tax-exempt market strengthened for the second session on Wednesday, buoyed by a firmer Treasury market, pushing the 10-year muni bond yield down to its lowest level in four months.

The 10-year triple-A Municipal Market Data yield fell four basis points to 2.53%, its lowest since June 20 when the yield hit 2.48%. Yields spiked up June 20, 21 and 24 after comments from Federal Reserve Chairman Ben Bernanke hinting the Fed would begin tapering its bond purchasing program.

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