Buyers in the tax-exempt market continued to stay focused on the short-end of the curve, allowing issuers in the primary to demand higher prices for bonds maturing before 2020. On longer maturing bonds, issuers had to raise yields to entice buyers.

Wednesday morning, secondary trading also kept market participants busy with odd-lot trades of Wayne County, Mich., bonds. Late Tuesday afternoon, Fitch Ratings downgraded the county's general obligation bonds five notches to BB-minus, pushing them into junk status.

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