Good days aren't here yet, gotta tough it out for now. Morning chat with a friend: 1) The Fed's RMP bond-buying and balance sheet expansion is a good thing, but it'll take time for reserves to climb back above $3 trillion—maybe a month or two. 2) Oracle's earnings report looks bad, and the market is getting more worried, especially about AI spending. 3) Next week is packed with data and events: November non-farm payrolls, inflation data, the Senate vote on Affordable Care Act subsidies, and Japan's rate hike—all potential disruptions. 4) The dot plot showing one rate cut soon doesn't have much impact; the focus is on the new Fed Chair. The new Chair's nomination will likely be announced around Christmas or early next year at the latest. That's when the market will start speculating on future rate cuts. 5) The new SLR unbinding rules take effect in early April next year. Some banks will start transitioning to the new rules in Q1, which could gradually push long-term bond yields lower. RMP buys short-term bonds to replenish liquidity. SLR unbinding lowers long-term bond yields. But it'll still take some time to get there.