The municipal market was unchanged with a slightly firmer tone Thursday, in quiet trading, as participants remained largely on the sidelines ahead of the July 4 holiday weekend."There's a firmer tone, but there's really not a whole lot going on," a trader in New York said.

"People are just ready for the long weekend. I am not seeing a lot of trading out there, just not a lot of activity. It seems like people are on the sidelines for the most part, unless they're really compelled to move some paper. I'd call it flat for the most part, but like I said, there is a bit of a better tone, and maybe you can pick up a basis point in spots. But overall, pretty flat, pretty quiet."

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