The municipal market spent the week absorbing a relatively heavy calendar with little impact to yields.

The largest deals found buyers amid modest increases in prices. But muni yields mostly outperformed their Treasury cousins by standing still, flat since last Friday at the two- 10- and 30-year marks, but showing some fluctuations in the outer belly of the curve.

The need to put truckloads of reinvestment money to work has been pushing investors to buy munis even while yields sit at barrel-scraping levels, muni pros said. The secondary has seen moderate activity, despite solid interest in the primary.

Both bond markets showed little reaction, initially, to the Federal Open Market Committee’s announcement Wednesday. It decided to hold rates steady and to extend “Operation Twist” until the end of the year.

Muni bond indexes were mixed on the week. The Bond Buyer’s 20-bond GO index of 20-year general obligation yields was unchanged this week at 3.95%. It remains at the highest level for the index since April 12, when it was 3.97%.

The 11-bond GO index of higher-grade 20-year GO yields increased one basis point this week to 3.75%, which is its highest level since April 12, when it was 3.77%.

The yield on the U.S. Treasury’s 10-year note also dropped one basis point this week to 1.62%. It sits at its lowest level since May 31, when it was 1.58%.

The yield on the Treasury’s 30-year bond declined five basis points this week to 2.68%, which is its lowest level since May 31, when it was 2.67%.

The money investors are seeing from June and July reinvestments and coupon payments have driven purchases in tax-exempts this week, said John Hallacy, municipal research strategist at Bank of America Merrill Lynch. “Reinvestment money is keeping the bid pretty sharp,” he said. “That definitely has set the tone.”

And though supply wasn’t overly impressive this week — volume have been at $8.33 billion, according to market estimates — deals that arrived were pretty readily absorbed, Hallacy added.

“The competitive Georgia sale commanded a lot of interest,” he said. “They had multiple sales. … They had something for everybody. Louisiana, that’s another state we hadn’t seen for a while. Detroit ... clearly, the market read it the way it should have.”

And investors have been extending themselves to find yield, a trader in New Jersey said. This includes activity on the long end of deals, as well as gobbling up high-yield paper.

“People have to put their money to work,” the trader said. “They’re willing to take maturity risk to get some yield. And they’re taking risk on credit, as well.”

Since last Friday, the two-, 10- and 30-year triple-A yields have held their levels, according to Municipal Market Data numbers. They sit at 0.32%, 1.86% and 3.15%, respectively.

The revenue bond index, which measures 30-year revenue bond yields, declined three basis points this week to 4.72%. It is now at its lowest level since Feb. 2, when it was 4.70%.

The Bond Buyer’s one-year note index, which is based on one-year GO note yields, fell one basis point this week to 0.24%, which is the same level as two weeks ago.

The Bond Buyer’s one-year note index, which is based on one-year GO note yields, fell one basis point this week to 0.24%, which is the same level as two weeks ago.

The weekly average yield to maturity of The Bond Buyer municipal bond index, which is based on 40 long-term bond prices, declined two basis points this week to 4.39%. But it remained above the 4.38% average from the week ended June 7.