The September 24 7-Year Treasury auction drew a foreign bid of just 57.2%, grading an F and signaling buyers abroad are stepping back from the long end. Leveraged funds are net short E-mini Russell 2000 futures at the 4th percentile of the past two years, a level of bearish crowding rarely seen in that window. With the Fed's October 28 meeting 26 days out, a weak auction and a stretched short on risk assets set up a squeeze if foreign demand stabilizes before then.