NEW YORK – Tax-exempts continued to weaken Wednesday as other markets rallied then fell after the Federal Open Market Committee announcement. Still, most of the remaining large deals of the week were priced by Wednesday afternoon.

Munis briefly took a backseat to the FOMC’s announcement that it plans to keep federal funds rate target at zero to 0.25%, and will extend its “operation twist” program until the end of the year, with the Fed purchasing an additional $267 billion in long-term securities.

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