NEW YORK – The tax-exempt market was quiet Friday afternoon as traders shut down shop for the week. Most traders said that with yields so low, activity shuts down.

Munis were steady Friday afternoon, according to the Municipal Market Data scale. On Thursday, the 10-year yield and the 30-year yield each dropped two basis points to 1.78% and 3.09%, respectively. The two-year yield remained steady at 0.31% for the 22nd consecutive trading session.

The Treasury yield curve steepened. The two-year yield fell two basis points to 0.30% while the 30-year yield rose one basis point to 2.81%. The benchmark 10-year was steady at 1.71%.

In the primary market next week, $9.19 billion is expected to come to market, up from this week’s revised $6.83 billion. In the negotiated market, $6.46 billion is expected to be priced, up from this week’s revised $5.13 billion. On the competitive calendar, $2.73 billion is expected, up from this week’s revised $1.70 billion.

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