US futures are sharply lower this morning following a sharp slide in Treasury yields. The US ten-year yield came as low as 1.63% earlier this morning with the spread between the 2 year and the 10-year coming in at levels not seen since 2007. Other factors that may be causing this selloff in futures is China devaluing their currency once again and setting the official midpoint reference for the yuan at 6.9996 to the dollar. Markets in Asia closed mostly lower as uncertainty continues to loom over the region. European markets are trading higher but earlier gains were pared as global yields fell. No major economic data is due out today.