Could somebody knowledgeable in economics make sense of these two paragraphs for me?

[John S]

Also, would you recommend any particular beginner's resource for learning more about the terms and concepts mentioned in these paragraphs?

The U.S. central bank already has cut its federal funds target rate by 2.25 percentage points since September to its current 3 percent level and is widely expected to slash it again at its next policy-setting session on March 18.

U.S. Treasury debt prices were mixed. The benchmark 10-year note rose 10/32 in price for a yield of 3.56 percent, down from 3.59 percent late Thursday.