The 7-Year auction on September 24 drew a foreign bid of 57.2% and graded an F, the weakest demand grade a Treasury sale can get. Leveraged funds hold the Russell 2000 short in its 4th percentile since 2026 and the Swiss Franc short in its 4th percentile since 2025. The FOMC meets in 27 days, on October 28, with AC's own fed signal already leaning bearish. If the 7-Year's weak foreign bid repeats at the next long-end auction, the crowded Russell short has no cushion left.