The tax-exempt market continued to see losses for its third consecutive trading session as supply far outweighed demand. A cut of 13 basis points Wednesday didn’t stop munis from experiencing further losses.

“Munis are still weaker and it’s going to continue,” a New York trader said, adding that yields are rising due to supply-and-demand factors. “There is a lot of supply out there from the past few weeks and new supply in the pipeline and money is going into equities.”

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