Municipals sigfinicanty outperformed the Treasuries in the cash markets yesterday after a poor 30-year auction, with tax-exempt prices off only 1/4 point compared with the 5/8 point drop in governments.

In the debt futures markets, the September municipal contract dropped 6/32, settling at 92.25. The government bond fell 17/32, and the MOB spread settled at negative 109.

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