The tax-exempt market traded with yields about flat to Thursday as dealers unloaded to customers in the secondary market bonds left over from new issues priced earlier in the week.

"It's slow but it's mostly unloading of the primary bonds," a Chicago trader said. Trading volume was up 16% relative to the average of the past five Friday trading sessions, with sell trades to customers making up $1.96 billion. Interdealer trading volume was $922 million followed by customer sell trades at $702 million.

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