Tax-exempts were slightly firmer Tuesday as 20-year municipals dropped to another record low, albeit with the light to moderate secondary trading activity that is characteristic of the summer.

“There’s a bit of a firmer tone,” a trader in New York said. “There isn’t a whole lot of activity though, so I’m not sure you can call it anything other than flat at this point. Maybe we’re better a basis point or so, but there’s just not a lot trading.”

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