The tax-exempt market weakened Thursday, extending its losing streak into five consecutive trading sessions, as buyers waited for muni yields to rise even further before putting money back to work.

In the competitive market, Ramapo, N.Y., had been expected to auction $39.2 million of short-term notes after cancelling its long-term bond issue following an FBI raid on its town hall. The short-term note sale was postponed to next week, according to Reuters.

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