On Monday, municipals were weaker to kick off a holiday-shortened week as the front end and belly of the curve continue to feel pressure. Triple-A benchmarks outperformed a U.S. Treasury sell-off, and were cut up to 10 basis points, depending on the scale, pushing the five- and 10-year muni above 2.50%. "After all the real, technical and perceived drama from last week we are beginning to see a better tone in the market," said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities.

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