The municipal market was flat to slightly weaker Thursday amid light to moderate secondary trading activity, with market participants mostly sitting on the sidelines ahead of the upcoming long weekend.

“There doesn’t seem to be too much going on,” a trader in San Francisco said. “It feels a touch weaker, but there isn’t a lot of activity, so I’m not really sure I agree with cutting the scale. I’d say it’s flat, considering the activity, but if you want to say we’re down a basis point, you can probably get away with it.”

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