The municipal market was firmer Thursday amid moderate secondary trading activity as the California Department of Water Resources and New York City led the primary with nearly $3 billion of combined new issuance.

"We're getting a nice bump today," a trader in New York said Thursday. "There was a lot of concern coming into this week about handling all the supply that was on the calendar, but with a couple of refunding deals being pulled from the calendar and Treasuries rallying a bit, the equation changed a bit."

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