NEW YORK - The tax-exempt market continued to slug along Thursday afternoon as the market was very quiet. With no issuance in the negotiated primary market, munis were taking direction from Treasuries.
Munis were steady to slightly stronger Thursday afternoon, according to the Municipal Market Data scale. Yields inside six years were flat while yields outside seven years fell one basis point.
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Treasuries were stronger Thursday afternoon. The benchmark 10-year yield and the 30-year yield each dropped four basis points to 1.59% and 2.71%, respectively. The two-year yield fell one basis point to 0.30%.