The municipal market was unchanged with a slightly weaker tone yesterday amid fairly light trading activity.

"There's a little bit of activity out in the secondary, but not a ton," said a trader in New York. "But people who want to get something done can get it done. We've got a bit of a weaker tone, though we're probably unchanged on the whole. We're maybe cheapening up a basis point or so here and there, but overall, I'd say we're fairly flat."

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