The municipal market finished slightly weaker Friday in light secondary-trading activity. Traders said tax-exempt yields were higher by one or two basis points."We're down a little bit, but it's quiet," a trader in New York said. "Treasuries are down a little bit again, and munis are a little cheaper again, but it's not more than a basis point, maybe two in spots. Overall, it's pretty quiet, not a whole lot going on."

"We're down a bit, but I think we're closer to flat than to being really off," a trader in Los Angeles said. "At most, we're off two basis points, but through most of the curve, it's closer to one, or less than that. But the tone is weaker."

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