While Treasury prices jumped one point yesterday and a bullish tone allowed municipal underwriters to lower yields on new issues, supply prevented secondary prices from making significant gains.

After a quiet holiday Monday, the government market opened with a roar and rallied during the entire session yesterday. But municipal traders put prices unchanged to up only 1/4 point in spots as the market continued to lag thanks to 30-day supply levels that are hovering at the $5 billion mark.

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