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.

Financial ratings firm Moody’s Ratings downgraded the U.S. government’s credit ratings Friday, citing its rising debt and interest in a move that underscores a ballooning federal budget deficit, making it the last of the big three firms to downgrade the government’s credit.