S&P futures vs fair value: -2.8. Nasdaq futures vs fair value: -2.5.

Still shaping up to be a sluggish start for the cash market as futures continue to languish below fair value. Early sentiment has deteriorated slightly since the last update, as equity investors take a bearish cue from a pullback in Treasuries. Further analysis of the GDP report's inflation component, which surprisingly checked in a bit stronger than expected, has left bond traders feeling increasingly defensive heading into today's FOMC mystery. The 10-year note is now down 4 ticks to yield 5.09%.