The municipal market treaded water Friday, stifled by an otherwise underwhelming amount of activity in the secondary.

Tax-exempt yields mostly danced in place throughout the day’s session, while Treasury yields backtracked Friday from a noticeable backup in yields this week. The day was marked by sluggish trading in tax-exempts, a trader in California said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.