The municipal market was unchanged yesterday, despite Treasury gains, as traders sit on the sidelines in the throes of more market uncertainty.

The Treasury market firmed yesterday on a flight-to-safety bid after news last night that the Federal Reserve cut the primary credit discount rate - the lending rate for loans to financial institutions - 25 basis points to 3.25%, and that JPMorgan Chase & Co. had agreed to purchase Bear, Stearns & Co., with the Fed providing $30 billion of funding.

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