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So what are we seeing?

At this point, most major media outlets are "calling it" in favor of Brexit, "leave," whatever you want to call it.  Folk in the U.K. are voting to exit the European Union.  It's still the same old big deal for all of the reasons we've been talking about for the past few weeks. 

But now instead of it merely being a hypothetical big deal, it's an actual deal.  For the next 2 years or more, the U.K. will walk down the long and lonesome road of extricating itself from the grand experiment known as the EU.  No one knows exactly what that will look like, or the extent to which it will pave the way for other European Union countries to get similar bugs up their respective, well... you know.

Point being: this is a game changer.  The change will take years and this is day 1.  In fact, it's still somewhat possible that the aforementioned media outlets are 'calling it' too early, but we'll know by tomorrow morning in any event. 

Oh, and there has been a bit of an effect on bond markets.  A lot can happen between now and morning, but at the moment, Brexit looks like a done deal and 10yr yields just hit 1.4's!