The tax-exempt market was holding its steady tone Thursday afternoon as traders noted disenchantment with absolute low yields contributed to leaving balances on new issues. The secondary market felt steady to weaker throughout the day.

“It seems as if there is a lot of competition in the secondary even though it feels like it’s weakening up a bit,” a San Francisco trader said. “But it doesn’t feel that much weaker to me. It feels a little flat.”

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