The municipal market was unchanged to slightly firmer yesterday after lower-than-expected consumer price index data.

"Immediately after the data, Treasuries improved and munis followed, improving by about two basis points across the scale. But when the stock market started going up, Treasuries turned around, and we started to drift back to unchanged in the muni market," a trader in Los Angeles said. "All in all, there's still a firmer tone in our market, and we're maybe better by a point on the long end, but it's mostly unchanged at this point."

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