Yields on 10-year municipals hit another historic low Friday as the muni market was slightly firmer amid fairly light secondary trading activity, while the long municipal scale was at more than 99% of long Treasuries.

“Even on a day like today, where there’s not a ton trading and it’s fairly quiet for the most part, we’re still seeing yields tick lower,” a trader in Los Angeles said. “There’s just this prevailing firmer tone that keeps pushing yields lower and lower. It’s probably only a basis point or two better today, but still, this firmness doesn’t figure to be going anywhere for a while.”

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