The municipal market was generally unchanged yesterday with improvement in spots. Traders said tax-exempt yields were flat to lower by one or two basis points for the third consecutive session.
"We're a little firmer, but still somewhat flat. That's basically been the story of the week, and it's no different today," a trader in New York said. "We're probably flat on the short end, and maybe a basis point or two better everywhere else. There's not a whole lot going on, though."