Yields in the tax-exempt market were flat to two basis points weaker Wednesday, not rising nearly as much as Tuesday, as traders said the secondary market was stagnant.

"It feels weaker but there are not necessarily the trades to reflect that," a Chicago trader said. "We are still looking at outflows and Treasuries are off and it's a stagnant fixed-income market in general. We are weaker by a couple basis points."

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