The municipal market was unchanged with a slightly firmer tone yesterday amid light to moderate secondary trading activity, as the University of Texas System Board of Regents came to market with $516.3 million of taxable Build America Bonds, and the Federal Reserve once again held the federal funds rate target unchanged.

"I'd say it's up, a little bit," a trader in New York said. "But there's not much trading going on. It's not very active. We are up in part because the Government market is up. They are dragging us a little. At the end of the day, the market would be up by maybe a basis point."

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