The August 27 7-Year auction printed a D, foreign takedown just 60.78%, the weakest offshore bid for the tenor, seven days before the Fed's September 16 decision. Leveraged funds are net short E-mini Russell 2000 futures at the 2nd percentile of the past two years, the most crowded short in this cycle, as sentiment's elevated count fell from 10 to 8. A Fed that can't backstop a foreign bid already gone leaves small-cap shorts exposed to a squeeze the moment liquidity turns.