The municipal market was mixed yesterday. Traders said firmness seen on short and intermediate maturities is being offset by weakness on the long end of the curve.

"It's not overly busy. We're moving some blocks of bonds out long," a trader in New York said. "That's where they can get 5%. Things are cheapening up out there, just because people are going in to a buy a block, and you should give something up if you're trying to move your full piece of paper. Other than that, we're fairly firm elsewhere on the curve."

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