The tax-exempt market continued to trade steady Wednesday afternoon as traders said the market was very quiet.

This comes after a very quiet trading session Monday. Market participants said the remainder of the week is not likely to see a pick-up in activity, either.

"It's really quiet," a New York trader said. "There are some steady trades but it's quiet though."

On Monday, the Municipal Market Data scale ended steady after two days of firmer trading. The 10-year yield was steady at 1.77% while the 30-year yield closed flat at 2.83%. The two-year finished flat at 0.31% for the fifth consecutive trading session.

Despite posting small gains at the end of last week, the 10-year MMD yield remains 30 basis points above its record low of 1.47% set Nov. 28. The 30-year still trades 36 basis points above its record low of 2.47% also set Nov. 28.

Treasuries continued to gain Wednesday afternoon. The benchmark 10-year yield fell two basis points to 1.75% while the 30-year yield dropped one basis point to 2.93%. The two-year was steady at 0.27%.

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