The municipal market was weaker Friday, ahead of a three-day weekend, and amid weakness in Treasuries and another dreadful day in the stock market.
"We're pretty much in line with Treasuries right now," a trader in New York said. "They're off, and so are we. We're definitely seeing weakness that escalates the further out you go along the curve. With real short-term paper, yields are up maybe two or three basis points. It goes out to five, six, seven with the intermediate paper, but you can see some long bonds going eight, nine basis points cheaper."