The 7-Year auction on August 27 graded D, with foreign bid at just 60.78%, well below recent averages. That comes five days before the September 16 FOMC, while leveraged funds sit near record shorts in the yen and at a two-year low in Russell 2000 positioning. AC's liquidity, Fed, smart money, and sentiment pillars all read bearish, and elevated sentiment readings rose from 12 to 14 week over week. If the Fed disappoints on the 16th, weak foreign demand and crowded shorts leave no cushion.