The municipal market was quiet and unchanged Friday, with a slightly firmer tone, in light trading activity."It's quiet," a trader in New York said. "We might be picking up a basis point or two here and there, but overall, there's not much movement, and there's not much trading. It's just a quiet Friday."

"There's not a whole lot of activity going on," a trader in Los Angeles said. "We should be doing better with Treasuries doing better. But I don't think there are enough people around to really make a difference so I would really have to call the market as mostly unchanged. If anything, you might be able to say that it's one or two basis points better because Governments are better. But there's not a lot of activity really to prove that."

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