The municipal market was slightly weaker Wednesday, lagging a Treasury sell-off, as moderate activity persisted in the secondary.

“Treasuries are off quite a bit, and we’re following suit, although it’s muted,” a trader in Los Angeles said. “People are buying at only slight concessions and those that need to get deals done are getting them done. Overall, I’d say we’re down two or three basis points, depending on the credit quality and maturity.”

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