The tax-exempt market continued to chug along Wednesday as munis remained unfazed by supply in the primary market and weakening Treasuries. The 10- and 30-year muni yields continued to break record lows for the sixth consecutive trading session.
“Munis are firm today but quiet in the secondary,” a trader in Chicago said. “There are tons of cash to support new issues. Levels are firm but there is a lot more resistance to these levels.”