The municipal market was largely unchanged Friday amid fairly light secondary trading activity as the week neared its end.

“There’s maybe a little bit of firmness out there,” a trader in Los Angeles said. “More so on the short end, if anything. Inside of five years, maybe you can pick up a basis point or two. But overall, we’re just pretty flat, and pretty quiet. There seems to be a decent calendar coming up next week, so I think today people are mostly just hanging out on the sidelines.”

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