The municipal bond market posted gains Thursday, driven higher by demand for shorter-maturity debt and a stronger Treasury market, as customer buy trades from dealers made up the majority of transactions.

By afternoon, more than $5 billion had been traded. Dealers selling to customers accounted for 41% of transactions, or $2.11 billion. Interdealer trades at $1.52 billion made up 30% of the transactions followed by $1.48 billion, or 29%, of dealers buying bonds from customers.

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