Municipals partially emerged from a morning hole dug by unfriendly trade figures to end 1/4 point to 3/8 point lower yesterday.

Tax-exempts had been down as much as % to 1/2 points following the Treasury market's negative reaction to July trade figures. The Commerce Department yesterday reported that the U.S. international trade deficit in goods and services jumped 21.6% in July to $10.99 billion.

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