NEW YORK – The municipal market was mostly unchanged Thursday amid light to moderate secondary trading activity, pausing a string of record-low tax-exempt yields.

The flatness follows Wednesday’s rally, which dropped muni yields to all-time lows for the 12th time in the past three weeks, pushing 10-year tax-exempt yields below 2.20% and 30-year munis lower than 3.70% for the first time in history.

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