After a stronger session Thursday, munis gave up gains and then some on Friday as munis followed Treasuries lower. Yields on fixed-income assets spiked as better-than-expected July jobs numbers buoyed risky assets.

Munis were much weaker Friday afternoon, according to the Municipal Market Data scale. Yields inside four years were steady while yields on the five- and six-year rose as much as three basis points. Outside seven years, yields spiked between two and five basis points.

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