The municipal market was mixed Tuesday in light to moderate secondary trading activity as investors returned from a long weekend in observance of Monday’s Martin Luther King Jr. holiday.

“The short end is maybe a bit weaker, but there are some gains out long,” a trader in New York said. “I’d say we’re anywhere from three to five basis points better on the really long end, but we’re probably better a good two or three basis points 20 years and out.”

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