Tax-exempts were unchanged to slightly firmer in light Monday activity. Traders said municipal yields were flat to lower by one or two basis points."It's fairly quiet out there, but the tone is a bit firmer," a trader in New York said. "There's not a whole lot trading, people are on the sidelines for the most part, but the market feels a bit better. You could call it better by a basis point or so, maybe more on the long end, that's true, but I'd say we're fairly unchanged, just with a better tone."

The Treasury market showed gains yesterday. The yield on the benchmark 10-year note, which opened at 3.78%, was quoted near the end of the session at 3.70%. The yield on the two-year note was quoted near the end of the session at 1.15% after opening at 1.20%. The yield on the 30-year bond, which opened at 4.51%, was quoted near the end of the session at 4.45%.

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