Munis continue to firm, setting new record lows with each passing day. On Thursday, they proved they could defy Treasuries, climbing higher even as the government bonds weakened.
On Thursday, the two-year to four-year yields fell two basis points. Yields on the five-year and six-year were steady, while yields on the seven-year fell two basis points. Outside the eight-year maturity, yields plunged between three and six basis points.