The municipal market was firmer by about two or three basis yesterday, posting gains during the afternoon after a mostly unchanged morning.
"We were quiet in the morning, but we've picked up a bit," a trader in New York said. "I'd say we're better a few basis points at this point. Probably about two basis points overall, two or three even. I'd certainly say we're cheaper a good three basis points on the long end. It's still somewhat quiet, but there's more activity than there was."