Municipal bond traders were set for a second wave of new issuance to sweep over the market on Thursday. Riding the crest of the supply wave will be the North Texas Tollway Authority System's $750 million bond sale, buoyed by two recent rating upgrades.

Treasury prices were mostly lower on Thursday, with the yield on the two-year Treasury note slipping to 0.72% from 0.74% on Wednesday, while the 10-year yield rose to 2.20% from 2.19% and the 30-year yield increased to 2.98% from 2.95%.

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