The September 24, 2026 7-Year Treasury auction graded an F, with a foreign bid of 57.2%. Leveraged funds are short E-mini Russell 2000 futures at the 1st percentile of the past two years, the rarest since 2025, while they hold Australian dollar longs at the 95th percentile, a two-year extreme on the long side. The FOMC meets October 28, 25 days away. If foreign demand for duration keeps fading while small-cap shorts and Aussie dollar longs sit at opposite extremes, the squeeze in one feeds the other.