The municipal market was slightly firmer yesterday. Traders said tax-exempt yields were lower by about two or three basis points overall.
"We're definitely better again today, despite the weakness in Treasuries," a trader in New York said. "Business is definitely getting done, and there's a clear firmer tone out there. We're probably better a good two or three basis points right now, maybe four or even five out long. But we're definitely firmer, right across the board."