The municipal market was quiet and unchanged Friday, with participants largely on the sidelines following Thursday's sizeable rally and ahead of the hefty new-issue calendar that awaits this week.

"There's not a ton going on," a trader in New York said. "We rallied pretty seriously yesterday, but I'd say we're fairly unchanged, just because there's nobody really around, and not a lot trading. If anything, we're more expensive by a basis point or two. The tone is definitely firmer. I'm just not sure there's enough activity to really call it better."

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