Munis were slightly cheaper in spots on Friday, as U.S. Treasuries were mixed and equities ended lower.

Muni yields were up to two basis points higher, depending on the curve. UST yields saw losses on the front end but small gains out long.

Friday's muni market was quieter, compared to the losses on Thursday. Kevin McGuigan, director at Municipal Market Analytics, said Thursday's cuts constituted a correction in the market and he expects muni yields to stay around the levels where they've landed.

The rate cuts were "a result of municipals getting super rich relative to Treasuries," McGuigan said, especially given "the strength in Treasuries and the diminished rate hike expectations" following a positive consumer price index report on Wednesday.

<img src="https://public.flourish.studio/visualisation/29720984/thumbnail" width="100%" alt="table visualization" /> <img src="https://public.flourish.studio/visualisation/29720981/thumbnail" width="100%" alt="table visualization" /> Primary to come

Issuance is an estimated $10.567 billion for the week of July 20, with $8.948 billion of negotiated deals on tap and $1.62 billion of competitives, according to LSEG.

The New York City Transitional Finance Authority leads the negotiated calendar with $1.5 billion of future tax-secured subordinated bonds, followed by the District of Columbia with $1.171 billion of income tax secured revenue bonds.

The competitive calendar is led by Denton, Texas, with $281.26 million of certificates of obligation.