These are the words of Psalm 2:7, very much like the words of Isaiah 42.1 – God the Father expresses his perpetual love for God the Son.
When you hear those words, you are in him. If you have repented of your sin, if you have yielded to Christ, if you have experienced true conversion, you are in Christ and if God the Father is so infinitely pleased with him, because you are one of his and you are in him, then you are covered by his blood and by his righteousness. God the Father, by virtue of Christ, is just as pleased with you. That is an amazing thing to think about. How much we love the Lord of glory, who came in such a manner for us his people. How much we love him and adore him.