The 7-year auction on August 27 drew a D grade as foreign buyers took just 60.78% of the offering, the cycle's weakest bid, and that funding gap meets a Fed decision landing today. Leveraged funds are also sitting at the 1.98th percentile for two-year Russell 2000 shorts, the most crowded in two years, while the sentiment model's elevated count rose from 8 to 10 in a week. Every pillar but markets reads bearish; if the Fed disappoints today, the crowded short and weak auction need the same relief.