Gen. Abdul Fatah Khalil al-Sisi, head of Egypt's armed forces, has announced that the Egyptian constitution is suspended and that a technocratic government will be put in place until early elections are held.
For the latest news from Egypt (and everywhere else) be sure to keep an eye on Reason 24/7.
UPDATE: 3:58pmET—According to the BBC's livestream Morsi has denounced the military's announcement and has called for the constitution to be restored.
UPDATE: 4:07pm ET—The Associated Press has released footage of protesters reacting to the military's announcement. They seem pleased.
UPDATE: 4:17pm ET— NBC News has profiles on the major players involved in Egypt's crisis.
UPDATE: 4:57pm ET—Rep. Ed Royce (R-Calif.), chairman of the House Foreign Affairs Committee, has said in a statement that, "Morsi was an obstacle to the constitutional democracy most Egyptians wanted. I am hopeful that his departure will reopen the path to a better future for Egypt, and I encourage the military and all political parties to cooperate in the peaceful establishment of democratic institutions and new elections that lead to an Egypt where minority rights are protected."
UPDATE: 5:04pm ET – A State Department spokeswoman has said, "We're not taking sides in this."
We will have more on the situation in Egypt later this week.