May trading in municipals opened with a weaker tone Friday, continuing a slide that characterized the latter part of April. Traders said that the market was off by a basis point or two in a light trading session.

"They're certainly a little bit weaker, but it's really, really quiet," a trader in Chicago said. "A couple of basis points weaker. It's all going to depend upon what happens with supply, both in Treasuries and munis. People want to see how that goes before they commit too much money."

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