A revised gross national product figure pushed tax-exempt prices up 1/8 to 1/4 point in moderate secondary trading yesterday, while Morgan Stanley & Co. marketed $272 million Hillsborough County, Fla., refunding utility revenue bonds in the primary market.

Treasury bond prices were up 3/4 in late trading on a combination of the slight 0.1% increase in second-quarter GNP, a bill pass by the Federal Reserve and a successful five-year auction. But municipals again lagged the taxable sector on the upside.

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