The tax-exempt market waited for a conference call from Puerto Rico officials discussing "legal opinions" related to issuance of its sales tax financing bonds as the general market saw little issuance in the primary light secondary trading.

"Things are quiet and pretty steady across the board," a Boston trader said. "The primary market is virtually non-existent and it's very tough to determine market levels."

This trader said most participants are waiting for the Puerto Rico call expected Thursday afternoon. "The call will shake things up."

On Wednesday, yields on the triple-A Municipal Market Data scale ended as much as four basis points stronger. The 30-year yield fell one basis point to 4.04%. The two-year and 10-year yields were steady at 0.34% and 2.44%, respectively.

Yields on the Municipal Market Advisors benchmark scale ended as much as five basis points firmer. The two-year yield slid five basis points to 0.48% and the 10-year yield fell three basis points to 2.59%. The 30-year was flat for the fourth session at 4.23%.

Treasuries continued to weaken Thursday afternoon. The benchmark 10-year yield rose three basis points to 2.56%. The two-year and 30-year yields rose one basis point each to 0.32% and 3.65%, respectively.

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