The market is delivering a stinging rebuke to S&P today.
Earlier on, European markets were drifting lower following the mass downgrades on Friday.
But now, the losses have given way, and yields everywhere are falling again.
France, Italy, and Spain are all improving.
The ratings may matter politically, and we still don’t know what, if any, impact the downgrades will have on the EFSF, but for now, the market just doesn’t care.