Tax-exempts were unchanged with a weaker tone Friday in quiet trading, as participants mostly sat on the sidelines ahead of a three-day holiday weekend."It's pretty quiet and flat right now, maybe a bit of a weaker tone," a trader in New York said. "It's the Friday before a holiday weekend, so it's not unexpected. But it seems like everyone is just ready for the weekend."

"There is a bit of weakness out there, but it's quiet," a trader in Los Angeles said. "I wouldn't say there's very much activity at all. You could maybe say we are weaker a basis point or two, but I'd call it unchanged, just because there's, to me, not enough activity out there to move the scale. But there's certainly a bit of a weaker tone."

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.