The tax-exempt market slowed Friday afternoon as most market participants had completed their trades for the week. Munis were steady to slightly weaker, traders said, but said the market could firm again next week.

"There was firmer trading this morning and then it quieted down," a New York trader said. "I think the week is over. Munis might be following Treasuries a little but there is not a lot going around. It may be off one or two basis points depending on what it is."

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