Munis sold off Thursday amid inflation data, Middle East turmoil and further reaction to Wednesday's Federal Open Market Committee meeting. Processing ContentMuni yields were cut one to six basis points, depending on the scale. USTs cheapened by up to six basis points, with bigger losses on the long end of the curve. "That caused Treasury yields to jump about 10 basis points across maturities. "The following day, municipals did cheapen, I think two to four basis points, despite a range-bound Treasury market."