Ian Lyngen, Head of US Rates Strategy at BMO Capital Markets, stated that market participants generally anticipated the Supreme Court's ruling, so the limited reaction in the US rates market is not surprising.

James Assi, portfolio manager at Mabo Investment Management, said the reaction so far has been fairly muted. The market is not quite sure what to do. The real big issue would have been any mention of refunds. I think this news is slightly bearish for U.S. Treasuries. It is a short-term negative impact on the budget, so it should be unfavorable for government bonds. But it's really hard to see how this will actually play out—it's very complicated.