• FED SAYS TO CUT TARGET FEDERAL FUNDS RATE BY 50 BASIS POINTS TO RANGE OF 1.00 PCT TO 1.25 PCT
• FED SAYS FUNDAMENTALS REMAIN STRONG BUT CORONAVIRUS POSES EVOLVING RISKS TO ECONOMIC ACTIVITY
• FED SAYS FOMC IS CLOSELY MONITORING DEVELOPMENTS AND WILL USE ITS TOOLS AND 'ACT AS APPROPRIATE TO SUPPORT THE ECONOMY'
• FED SAYS VOTE TO LOWER FED FUNDS RATE WAS UNANIMOUS

It was rumored, then expected, and now it's here (arguably a bit earlier than most market participants expected).  

10yr yields are slightly HIGHER so far, which might seem paradoxical at first, but consider the Fed is throwing a bone to the overall financial market and to the shorter end of the yield curve.  10yr Treasuries have benefited from panic, uncertainty, and economic concerns.  If a Fed rate cut helps ease those things, it's bad for longer-term rates.

MBS haven't reacted much yet, but it could be coming.  If you have a jumpy lender, negative reprices are a risk.  If you're lender is less jumpy, watch the price feed like a hawk and wait for further alerts.