The 7-Year Treasury auction on September 24 drew a grade of F with foreign buyers taking just 57.2% of the issue, and leveraged funds have pushed Russell 2000 shorts to the 1st percentile of two-year positioning, the most crowded since 2025. Sentiment's elevated-reading count fell from 8 to 3 week over week even as the Fed pillar leans bearish into the October 28 FOMC, 21 days out. If the weak foreign bid at the long end persists, a Russell short squeeze is the structural risk heading into that meeting.