The municipal market was slightly firmer Friday, following the Treasury market.

"You'd think bonds would be a little more expensive, with the way the Treasury is rallying, and I guess they are, about two or three basis points lower in yield, but I don't think anyone's too proud of their bonds right now," a trader in New York said. "I think people are trying to focus on getting rid of what they have and trying to put new paper in, but also realizing that if they do sell, there's not much to put yourself into. So, it's kind of working in reverse. And this Treasury market certainly isn't helping anything."

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