Municipals continued their ragged retreat yesterday hemmed in by a steady bid-wanted flow and poorly received deals.

The credit markets opened lower for the fourth consecutive day yesterday, dogged by stronger than expected economic indicators. Municipals suffered more dramatically as supply and a dearth of buyers added to downward pressure. Traders quoted tax-free prices down 1/8 point by mid-morning, while the December municipal contract was quoted down 6/32 to 103.30.

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