The municipal market was slightly weaker again yesterday amid light to moderate secondary trading activity.
"We're cheapening up some again, but mostly on the short end," a trader in New York said. "We're also fairly flat out long again. Yesterday, we saw some cheapening out there for the first time in a while, but there's not really much movement out there today. I'd say we're maybe three or four basis points weaker inside of 20 years or so, and then flat the rest of the curve."