The net impact on the markets is actually little. The knee-jerk move was negative for bonds and a positive move in stocks. However, those initial moves have been erased, leaving us close to where we were this morning with stocks mixed and a slight change in bonds. The major stock indexes have swapped positions from this morning, pushing the Dow higher by 27 points while the Nasdaq is down 12 points. The bond market is currently up 1/32 (2.89%), which is an improvement from this morning but not enough of a change to improve rates. At least not yet.