The tax-exempt market headed lower on Thursday for a second consecutive session as traders cut prices in the secondary market following mixed reception of primary deals throughout the week.

Some traders said high-yield credits, like double-B rated Guam Waterworks Authority, were well received while Jefferson County and lower-rated hospital bonds cut prices. Also working against the municipal bond market was a selloff in Treasuries late Wednesday afternoon that pressured munis as the market opened on Thursday.

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