After crumbling under the weight of California supply, tax-exempts took a breather Friday, ending mostly steady following a two-week selloff that pushed yields up double digits.

“It’s a little quieter today and that’s more due to lighter activity,” a Virginia trader said. “There was such a heavy primary calendar that munis became disconnected to Treasuries. We saw a little fizzle in the equity rally and Treasuries came back, but there are still plenty of bid lists.”

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