The tax-exempt market picked up speed Thursday afternoon as traders got back to work after a quiet Wednesday.
Munis continued to firm as demand outweighed supply. "I'm seeing ridiculously high prints inside of 15 years because of the lack of source for bonds and customers aren't showing bonds out," a North Carolina trader said. "So if you want to be involved, you have to pay the number. Otherwise you'll stare at whatever credit is trading tighter from Wednesday and tremendously tighter from Tuesday."