The municipal market was slightly weaker yesterday amid light to moderate secondary trading activity.

“We’re a bit weaker again,” a trader in New York said. “I’m actually seeing the weakness spread a little bit out to the long end, though. We’ve had this continuing short-end weakness, and even out to the intermediate part of the curve, over the last week or two, but the long end has been pretty much flat. Now I’m seeing things maybe a basis point or two cheaper out long. We’re probably down one or two basis points across the board.”

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