The 7-Year auction on August 27 graded D, foreign bid at 60.78%, six days before September 16's FOMC. Leveraged funds pushed the yen short and the Russell 2000 short to two-year extremes while Australian dollar longs sit at the 87th percentile, the trade's other side. Sentiment's elevated count fell from 11 to 8, yet five of AC's six pillars, everything but markets, read bearish. If foreign demand doesn't return at the next auction, Treasury clears supply into a Fed decision positioning already calls short.