The municipal market was unchanged to slightly firmer yesterday, as the Federal Open Market Committee lowered the federal funds rate target 25 basis points to 2%.

"There's some firmness in the market, but it hasn't been reflected so much in the scale," a trader in New York said. "Yields are lower by a basis point or two at best, but I'd call it largely unchanged."

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.