Today's 2-Year auction was a flat-out failure — the worst possible signal heading into an FOMC decision four days out, when the market most needs the Treasury complex to hold. Layer on top of that the most extreme managed-money short in Euro FX and Yen in years, meaning the dollar-long crowding that's been suppressing volatility is sitting on a hair trigger. If the auction failure reflects a genuine foreign buyer strike rather than a one-day anomaly, the Fed walks into Wednesday carrying a bond market that's already flinching — and rates don't need the committee's help to move.