Municipals broke their recent string of losses yesterday, thanks to a higher Treasury market, but sellers continued to pound the secondary.

Meanwhile, new issue short- and long-term volume broke through a significant barrier. Through Nov. 22, note and bond volume totaled $300.52 billion, 21% more than the $249.17 billion for the same period last year. For all of 1992, total municipal volume was $277.33 billion.

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