After several days of dramatic rallies last week, the pace of the municipal market slowed yesterday. Traders said tax-exempts were unchanged to slightly firmer.

"We were firmer in the morning, right when we first got here, but that firmness has gone away a bit as the Treasury market has turned around," a trader in Los Angeles said. "We're probably still a bit better, though it's probably closer to one basis point, and it's unchanged in some spots."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.