The 7-Year auction on September 24 graded F with foreign bid at 57.2 percent, while leveraged funds press E-mini Russell 2000 shorts at the 96th percentile of two years and hold British Pound longs at a 93rd percentile extreme. Sentiment cooled to six elevated readings from nine, yet every AC pillar except markets sits bearish into an FOMC decision 32 days out. Weak long-end demand alongside crowded small-cap shorts suggests markets are pricing tighter conditions before the Fed confirms them.