The municipal market was weaker yesterday. Traders said tax-exempt yields were higher by four or five basis points.

"We started off really down not so much, but the market has weakened some from [the] morning," a trader in San Francisco said. "We're off a solid four or five basis points right now, though it's less in some spots. Still, not quite as much weakness as we've seen the last couple days, but bonds are still cheapening up."

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