The municipal market showed gains Friday, as it did in every session last week. Traders said tax-exempt yields were unchanged to firmer by two or three basis points, with most of the gains found on the long end of the curve.
"We're a bit better again," a trader in New York said. "We've been seeing pretty steady gains in the marketplace for the last couple of weeks, and we're still seeing that firmness out there. It's more on the long end today, maybe two or three basis points better out there, and elsewhere along the curve it's still pretty flat, to maybe a tick better. But there's definitely at least a firmer tone out there."