The municipal bond market underperformed Treasuries Friday afternoon as bids were firm, but yields didn't fall as much as their taxable counterparts.

"Activity feels very slow," a Virginia trader said. "We put odds and ends out for bid and they are consistent and firm but as far as large trades go, we haven't been busy."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.