The municipal market maintained a strong tone Thursday in the face of limited paper and activity.

News from Europe provided what little impetus for movement in muni yields there was on the day. While the European Central Bank cut rates, its reluctance to become a lender of last resort has pushed U.S. Treasury yields lower. And muni yields, by turn, were seen to ride in the wake of rallying Treasuries, traders say, enough to maintain the week’s gains.

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