The municipal market was weaker by two or three basis points Friday, following Treasury yields higher after July non-farm payrolls data came in stronger than expected.

"The jobs number was a bit better than we thought, so that's moving Treasuries, which are in turn moving us," a trader in New York said. "There's still not a whole lot of activity out there, but we're cheapening up a little bit, maybe two basis points overall."

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