The municipal market was weaker in fairly light activity yesterday ahead of a large slate of new issues set to hit the primary market this week.Traders said tax-exempt yields were higher by two or three basis points.

"We're off to a bit of a weaker start," a trader in New York said. "It's a bit slow today, coming back from the weekend, but there's definitely some cheapness out there. It's not too much at this point, probably about two basis points, maybe three in spots, but it's weaker."

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