The municipal market was slightly firmer yesterday. Traders said tax-exempt yields were lower by about one or two basis points.

“There’s obviously a very firm tone. There’s a sense that the end may be near in terms of the firmness, but the market isn’t slowing down too much just yet,” a trader in New York said. “You’ve got to go out pretty long to get 4%. We’re fine in a relative sense, but in an absolute sense, it’s kind of scary.”

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