Trading in the tax-exempt market continued to stay active coming off of the Federal Reserve rally on Wednesday, though yields started to steady Friday morning.

After a nearly 10 basis-point drop in yields Wednesday followed by another eight basis-point drop Thursday, yields opened unchanged on Friday. Munis rallied after the Fed announced no changes to its $85 billion-a-month bond purchasing program.

“There was more activity earlier this morning but it’s starting to slow now,” a New York trader said. He said prices were unchanged in early trading.

On Thursday, yields on the triple-A Municipal Market Data scale ended as much as seven basis points lower. The 10-year and 30-year yields fell six basis points each to 2.61% and 4.23%, respectively. The two-year yield fell two basis points to 0.38%.

Yields on the Municipal Market Advisors scale ended as much as eight basis points lower. The 10-year and 30-year yields slid six basis points each to 2.77% and 4.31%, respectively. The two-year yield fell one basis point to 0.54% after trading steady at 0.55% for 24 consecutive sessions.

The Treasury yield curve flattened Friday morning with yields on the short-end rising and yields on the long-end falling. The two-year and benchmark 10-year yields rose one basis point each to 0.35% and 2.76%. The 30-year yield fell one basis point to 3.79%.

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