Though 10-, 20-, and 30-year tax-exempt yields all declined to record-low levels Friday for the second consecutive day, trading in the secondary market was light, leaving some participants hesitant to call the day's levels anything but flat.

"There's been so little trading that a lot of guys don't want to bump the scale," a trader in Los Angeles said. "It definitely feels firmer, but I'm not sure how legitimate this bump is, giving the trading volume."

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