The municipal market was slightly firmer Friday. Traders said tax-exempt yields were flat to lower by two or three basis points.

"We're doing a little better again," a trader in New York said. "We've been seemingly getting a bit firmer every day, at least every day this week. Today, we've got Treasuries rallying a little bit, and we're sort of following with that. There's not a ton of activity today, but we're better a good two or three basis points."

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