Treasury yields continued to rise Thursday afternoon following a report by the U.S. Labor Department that showed unemployment claims fell last week. Munis largely avoided the weakening, remaining steady to somewhat softer.

The municipal market is benefitting from the absence of traders and brokers who are on vacation this week, insulating munis from possible weakening associated with treasury movement. Without active participants, yields on tax-exempt bonds have largely remained steady even as Treasury rates weaken, market observers said.

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