The municipal market was slightly firmer yesterday with tax-exempt yields lower by about two basis points overall."There is a bit of a firmer tone out there, but there isn't a whole lot going on," a trader in New York said. "Some business is getting done, a few bits and pieces here and there, but we're fairly quiet. I'd say we're probably better a couple basis points, closer to two basis points overall, maybe three on the long end, at most. But it's quiet."

"There's not a whole lot to speak of, but we did probably pick up a couple basis points out on the long end," a trader in Los Angeles said. "We're just not seeing a whole lot of activity. We're getting pretty close to the end of the week, the long weekend, and I think people are mostly just going to be staying on the sidelines until we get back next week."

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