The municipal market was unchanged with a slightly weaker tone yesterday. Traders said tax-exempt yields were flat to higher by one basis point in spots.

“We’re fairly quiet so far,” a trader in New York said. “There’s not a whole lot of movement, but we’re maybe cheaper a basis point or so in spots. Overall though, I’d call it mostly flat. There are some bits and pieces trading, but there’s not a ton going on so far.”

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