The municipal market was weaker yesterday.

"There's a lot of offerings, but not a ton getting done. The market is a bit cheaper. Bonds look like they're about three or four basis points cheaper," a trader in New York said. "I'm not going to say that we're following the Treasury market and now we're back to normal, but we're certainly heading in the direction of the Treasury now. That could also be the large issuance we had this week as well, which is probably heavily influencing it."

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