The municipal market was firmer yesterday. Traders said tax-exempt yields were lower by three or four basis points.

"There was a fair amount of buying out there, especially with retail customers," a trader in New York said. "We were seeing a good amount of activity all around, though, and we're doing a bit better again. Seems like it's been a while since we've had a down day, but I don't want to say that too loud. But we're a good three basis points better overall, probably as much as five or so in spots."

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