Foreign buyers took just 60.78% of last week's 7-year note, a D-grade tail landing fourteen days before the Fed's September 16 decision. Sentiment readings flagged as elevated jumped from seven to ten in a week, even as leveraged funds pushed Russell 2000 shorts to a two-year extreme and Australian dollar longs to a 90th-percentile crowd. Liquidity, the Fed, smart money and macro all read bearish already: if foreign demand keeps fading into the FOMC, that crowded short base becomes the squeeze risk, not the hedge.