Munis largely sidestepped a stronger-than-expected unemployment report and mixed Treasuries to perform modestly Friday morning.
"The market's not surprising anybody today," a trader in New York said. "Everyone was concerned about a big number in the report either way: 165,000 or 235,000. We landed in the middle, within earshot of the consensus. But embedded in the numbers is some sort of relative strength on the labor front and the economic news has been trending relatively better the past three or four weeks."