The municipal market was slightly firmer yesterday after a one-day pause in observance of Veteran's Day. Traders said tax-exempt yields were lower by three or four basis points.

"It's somewhat quiet. We're seeing a few orders, but being a half week this week, people are slow to get started," a trader in New York said. "There's a bunch of bid-wanteds out there, not quite as bad as what we were used to seeing a couple weeks ago, but a little more than usual. But overall, it's fairly quiet."

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