The 7 year auction just went for a D, foreign demand sliding to 60.8 percent, while speculative funds sit near two year record shorts in Russell 2000, Nasdaq 100, and euro futures. That is a soft bid meeting a one sided book, and every AC pillar but markets is already flashing bearish with sentiment cooling only slightly. If foreign buyers keep fading duration into a Fed meeting nineteen days out, those crowded index shorts turn into the squeeze risk, not the hedge.