The municipal market was slightly firmer yesterday. Traders said tax-exempt yields were lower by about two or three basis points overall.

"We're starting the week off a little better here," a trader in New York said. "There isn't a ton of activity out there right now, but there's definitely a firmer tone, and we're seeing some gains. I'd say we're better by two or three basis points overall, maybe one basis point on the short end."

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