The tax-exempt market was steady Friday morning as traders said the market was waiting for bonds issued in the primary market earlier this week to start trading.

"Munis aren't buzzing today," a New York trader said. "We are waiting for the California Rans to free up."

On Thursday, the 30-year Municipal Market Data yield rose one basis point to 3.01%. The 10-year was steady at 1.87% while the two-year closed at 0.29% for the 16th straight session.

Treasuries were stronger Friday morning. The benchmark 10-year yield and the 30-year yield dropped three basis points each to 1.81% and 2.93%, respectively. The two-year was flat at 0.30%.

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