NEW YORK - The tax-exempt market was firmer Monday afternoon, following Treasuries, though activity had slowed noticeably from the morning session.

"It's definitely starting to slow down," a San Francisco trader said. "We have a $60 million calendar and we technically have a full day tomorrow but equities have a short day so that could clear a lot of places out."

Munis were steady to stronger Monday afternoon, according to the Municipal Market Data scale. Yields inside four years were unchanged while the five- to 14-year yields fell one basis point. Outside 15 years, yields were flat.

On Friday, the 10-year yield ended flat at 1.86% for the 11th trading session while the two-year ended steady at 0.32% for the 21st straight session. The 30-year yield finished flat at 3.16% for the sixth session.

Treasuries were much stronger Monday morning. The benchmark 10-year yield and the 30-year yield each dropped eight basis points to 1.57% and 2.68%, respectively. The two-year yield fell one basis point to 0.31%.

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