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

"We're doing a bit better again," a trader in New York said. "It seems like we're going in strings here. We were firmer for quite a long period of time, then weaker for almost two weeks, and now we're firmer three straight days. That might be what you see in this market for a while, a lot of back and forth, back and forth."

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