The municipal market was unchanged to slightly weaker Friday. Traders said tax-exempt yields were flat to up about one or two basis points.
"Bonds are cheapening up a little bit yet again, for what seems like the umpteenth day in a row," a trader in New York said. "There are a few bits and pieces selling, though, mostly on the longer end. There are some people saying that we might have finally hit our top and yields might start to drop, but I don't see it happening just yet. It sure would be nice, though."