The 7-Year auction on 24 September graded F with a 57.2% foreign bid, and leveraged funds now hold Russell 2000 shorts at the 4th percentile of the last two years, the rarest positioning since 2026. Swiss franc shorts sit at the same extreme while sterling longs crowd the 7th percentile, betting on dollar weakness even as small caps get crushed by trend followers. Sentiment has held at 6 elevated readings for a second week, no washout, while the Fed pillar leans bearish into an FOMC meeting 27 days out.