The municipal market was unchanged to slightly firmer yesterday. Traders said tax-exempt yields were flat to better by about two basis points overall.

“There’s a bit of a firmer tone out there,” a trader in New York said. “It’s reasonably quiet, but there is some business getting done. You could call it unchanged and not really be that off. It’s maybe a basis point or two better, if anything, but more so on the longer end. The short end of the curve is really pretty flat. But there’s definitely somewhat of a firmer tone.”

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