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

“We’re probably a good three basis points better,” a trader in Los Angeles said. “It’s a bit spotty, but it’s about three basis points better throughout the curve, though in places it’s more or less. There was some decent trading activity in the secondary, though mostly the more intermediate paper. I didn’t see much happening out long.”

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