The municipal market was slightly firmer Friday, while in a flurry of new-issue activity Los Angeles sold $1 billion of notes.Traders said tax-exempt yields were lower by about three basis points overall.

"It's definitely a bit firmer," a trader in New York said. "We're just sort of picking up where we left off the last couple of days. There's still not a ton of activity, but the market feels strong. I'd say we're better a good two or three basis points."

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