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

“We’re doing a bit better,” a trader in New York said. “We’re probably better a couple basis points, maybe two or three overall. The gains are mostly on the long end, but we’re seeing one or two basis point gains in the intermediate maturities too. The short end is still pretty flat, though. It’s pretty much just a quiet Friday, though — people are more or less sitting on the sidelines, waiting for some new paper to come into the market.”

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