The tax-exempt market showed strength on the short-end of the curve Thursday afternoon as bonds received better bids from buyers inside five years.

By afternoon, over $5 billion had been traded. The largest portion of the transactions, 41% or $2.11 billion, were dealers selling bonds to customers. Interdealer trades at $1.52 billion made up 30% of the transactions followed by $1.48 billion, or 29%, of dealers buying bonds from customers.

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