New York CNN — You’d expect the stock market to surge after the White House and House Republicans reached a tentative deal to raise the debt ceiling, but markets may have other plans. he stock market, for the most part, has been ignoring the serious risks associated with the United States defaulting on its debt. Even if Congress passes a bill to raise the debt ceiling and President Joe Biden signs it, it could take months before stocks and other financial markets move on. “One of the concerns I have is that even in the run-up to an agreement, when one does occur, there can be substantial financial market distress,” Treasury Secretary Janet Yellen said last week. “We’re seeing just the beginnings of it,” she said, referring to stock and bond market volatility in recent days. “It wouldn’t be surprising if the 2011 pattern repeats again,” said George Mateyo, chief investment officer at Key Private Bank. While he doesn’t expect a major credit agency to downgrade US debt before or after a deal to raise the debt ceiling is reached, he said the current standoff could lead to a big loss of confidence in America’s financial system. That’s why he’s anticipating monthslong market volatility even once a deal is reached. “Just because we get the debt limit raised, we’re not out of the woods,” Mateyo told CNN.