The municipal market was unchanged to slightly weaker yesterday. Traders said tax-exempt yields were flat to higher by about two basis points overall.
“We’re a little bit weaker, but that weakness is mostly out long,” a trader in New York said. “It feels a bit similar to yesterday, in terms of tone, though there’s a bit more activity. But I’d say we’re probably weaker a basis point or two on the long end, and probably flat to down a basis point everywhere else.”