The 7-Year auction drew a foreign bid of 57.2%, an F, while leveraged funds pushed Australian dollar longs to the 96th percentile of two years and yen longs to the 95th, the most crowded either book has been. That crowding sits against Russell 2000 shorts at the 6th percentile, the rarest since 2026, while foreign demand for Treasury paper thins. The FOMC meets in 33 days: if the 7-Year bid doesn't recover first, the dollar shorts and the Russell shorts get squeezed before the Fed moves.