We believe the markets to be highly efficient. Any new information is instantly incorporated into stock or bond prices.
An example of how efficient the market is is on display in the investigation looking into how the University of Michigan sells its consumer sentiment survey to select clients through Thomson Reuters. The firm had been providing the data to clients two seconds before it became available to the general public. Those that paid for that two second gap then used their high-speed trading platforms to trade on the news and expectations on how the market would react.
A mere two seconds is all it takes for the market to integrate new information.