The municipal market was unchanged to slightly firmer yesterday, while the Federal Open Market Committee opted to hold the federal funds rate target unchanged at a 0% to 0.25% range at its policy-setting meeting.
"I didn't see much of a change in the muni market after the Fed meeting," a trader in San Francisco said. "Treasuries extended their losses a little bit, but nothing overwhelmingly significant, and munis pretty much held right in there. I'd say we were a little bit firmer going into the decision, and we remained a little firmer after. I'd say we were better by a basis point or two overall, maybe flat in spots, maybe even a touch of weakness here and there, but overall, I'm going a little better."