While the impact of the downgrade on bond markets aren’t clear yet, investors may not yet have to worry about major near-term impacts to U.S. equities or Treasury yields, money managers told Barron’s.

Years of rising deficits and budget chaos finally caught up with the U.S. credit rating Friday when Moody’s Investor Service downgraded the government, stripping its last triple-A rating.

The US was downgraded by Moody’s Ratings on Friday thanks to government debt that’s approaching a mind-numbing $37 trillion. It was a dramatic move that cast further doubt on the polarized nation’s status as the world’s highest-quality sovereign borrower.