The municipal market was unchanged to slightly weaker yesterday, as the Federal Open Market Committee cut the federal funds rate target 75 basis points to 2.25%.

"There was a sigh of relief after the announcement," a trader in Los Angeles said. "We got a little initial flurry of trading right away, and then it just kind of went quiet again. Everyone was waiting around on the Fed, and then there were a few initial trades after they did their activity, but that was about it."

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