Treasuries are little changed this morning following the massive flattening of the yield curve that's taken place since Wednesday's FOMC statement. Equity futures point to further depletion after two sessions of heavy losses.

The benchmark 10-year yield is just over one basis point lower at 1.704%, the 30-year yield is 3.5 basis points lower at 2.757%, and two-year is steady at 0.20%

S&P 500 futures are 8.7 points lower at 1,114.80 and Dow futures are 75 points off at  10,575 - a new low for 2011. The S&P lost 72.5 points, or 6.03%, the last two days. The Dow lost 675 points, or 5.92%

European markets failed to inspire confidence. The FTSE 100 is currently down 1.59% and the CAC-40 is off 2.60%. In Asia, Japanese shares closed 2.07% lower, Chinese shares fell 0.39%, and Hong Kong markets fell 1.36%.

Finance ministers from the Group of 20 are meeting in Washington, DC, for annual IMF and World Bank meetings. With Eurozone debt troubles on their minds, they promised "a strong and coordinated international response to address the renewed challenges facing the global economy." 

Light crude oil is below the $80 mark. It's down 2% at $78.89 per barrel. Gold prices fell overnight too, losing 1.56% to $1,713.30 per ounce. 

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