The municipal market was slightly weaker yesterday in light activity. Traders said tax-exempt yields were higher by one or two basis points."We're a little off, but it's quiet," a trader in New York said. "There's not a whole lot going on, coming off the weekend, but we're probably off a basis point or two."

"I don't think there was really a strong direction in the market today," a trader in Los Angeles said. "We were probably off a little bit, but I think it was pretty close to flat. Maybe a basis point off in spots, weaker tone, but I don't think we were all that far from flat."

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