“Today the Fed cut the Fed fund by .75.  A .5 was already built into the market but the .25 should affect short term rates, not just long term.  Usually in the past, a fed cut would not affect rates for several weeks, however the fed has never been so aggressive either in the past with such a bold move as today.  ”

See the report below…
http://www.federalreserve.gov/newsevents/press/monetary/20080122b.htm