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" I will tell of the decree:The LORD said to me,
“You are my Son; today I have begotten you."
"Verse 7. This Psalm wears something of a dramatic form, for now another person is introduced as speaking. We have looked into the council chamber of the wicked, and to the throne of God, and now we behold the Anointed declaring his rights of sovereignty, and warning the traitors of their doom. God has laughed at the counsel and ravings of the wicked, and now Christ the Anointed himself comes forward, as the Risen Redeemer, "declared to be the Son of God with power, according to the spirit of holiness, by the resurrection from the dead." Romans 1:4 . Looking into the angry faces of the rebellious kings, the Anointed One seems to say, "If this sufficeth not to make you silent."
I will declare the decree. Now this decree is directly in conflict with the device of man, for its tenour is the establishment of the very dominion against which the nations are raving.
Thou art my Son. Here is a noble proof of the glorious Divinity of our Immanuel. "For unto which of the angels said he at any time, Thou art my Son, this day have I begotten thee?" What a mercy to have a Divine Redeemer in whom to rest our confidence!
This day have I begotten thee. If this refers to the Godhead of our Lord, let us not attempt to fathom it, for it is a great truth, a truth reverently to be received, but not irreverently to be scanned. It may be added, that if this relates to the Begotten One in his human nature, we must here also rejoice in the mystery, but not attempt to violate its sanctity by intrusive prying into the secrets of the Eternal God. The things which are revealed are enough, without venturing into vain speculations. In attempting to define the Trinity, or unveil the essence of Divinity, many men have lost themselves: here great ships have foundered. What have we to do in such a sea with our frail skiffs? "
From "The Treasury of David" by Charles Spurgeon