Municipal 10-year yields Monday hit yet another historic low as the market was flat to slightly firmer amid fairly light secondary trading, lagging behind a Treasury rally that dropped 10-year Treasury yields to their lowest level since March 2009.

"Treasuries got a bit of a bump today, particularly 10 years and out, but we didn't follow it so much," a Los Angeles trader said. "We'd been more tied to the Treasury market recently, but today investors were mostly on the sidelines. That said, we probably picked up another basis point or two."

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