Market Post: Munis Quiet On Slow Day After Holiday

NEW YORK - The tax-exempt market continued to slug along Thursday afternoon as the market was very quiet. With no issuance in the negotiated primary market, munis were taking direction from Treasuries.

Munis were steady to slightly stronger Thursday afternoon, according to the Municipal Market Data scale. Yields inside six years were flat while yields outside seven years fell one basis point.

On Tuesday, the 10-year yield finished flat at 1.85%. The two-year ended steady at 0.32% for the 23rd straight session while the 30-year yield finished flat at 3.16% for the eighth session.

Treasuries were stronger Thursday afternoon. The benchmark 10-year yield and the 30-year yield each dropped four basis points to 1.59% and 2.71%, respectively. The two-year yield fell one basis point to 0.30%.