Tax-exempts remained slightly weaker yesterday, as participants continued digesting the week's new-issue supply, including California's $6.5 billion general obligation deal, which priced for institutions Tuesday, one day ahead of schedule.

"We're a little off today," a trader in New York said. "We're just trying to deal with all the supply that we've been hit with this week. There isn't too much more to come now, but there's a lot out there now. There's some trading going on, but it's not overly active. We're probably off a basis point or two at this point."

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