The tax-exempt market started to show signs of slowing as most of the primary issuance had been priced and secondary activity tapered by the afternoon. Munis continued to trade steady to slightly firmer.

"It was kind of busy earlier," a New York trader said. "But now not so much."

Munis were steady to firmer Thursday afternoon, according to the Municipal Market Data scale. Yields inside 11 years were flat while yields outside 12 years fell one basis point.

On Wednesday, the two-year yield closed flat at 0.31% for the third consecutive session. The 10-year yield finished steady at 1.73% for the third session, closing six basis points above its record low of 1.67% set Jan. 18. The 30-year yield fell one basis point to 2.91%, setting a record low as recorded by MMD. The previous record was 2.92% set Monday.

Treasuries were weaker across the curve. The benchmark 10-year yield and the 30-year yield each jumped three basis points to 1.52% and 2.62%, respectively. The two-year was steady at 0.23%.

In the primary market, JPMorgan priced $540 million of Miami-Dade County Transit System sales surtax revenue bonds, rated A1 by Moody's Investors Service, AA by Standard & Poor's, and AA-minus by Fitch Ratings. Pricing details were not available by press time.

RBC Capital Markets priced $217.6 million of North East Independent School District, Texas, unlimited tax general obligation bonds, rated Aa1 by Moody's and AA-minus by Standard & Poor's. The bonds are backed by the Permanent School Fund Guarantee Program. Prices were not yet available.

JPMorgan priced triple-A rated Harris County, Texas, tax and subordinate lien revenue refunding bonds. Yields ranged from 1.64% with 3% and 5% coupons in a split 2020 maturity to 2.90% with a 5% coupon in 2032. The bonds are callable at par in 2022.

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