Good days have not yet come; first, we must endure some tough days. 1. The Federal Reserve's Rmp bond purchase expansion is a good thing, but it will take time for reserves to rise above 3 trillion, one or two months.

2. Oracle's financial report looks bad, and the market is worried about increasing concerns, especially regarding AI spending;

3. There are many data and events next week: November non-farm payrolls and inflation data, the Senate vote on subsidies for the Affordable Care Act, and Japan's interest rate hike, all of which are disturbances;

4. The dot plot indicating a single rate cut does not have a significant impact; the future depends on the new chair. The candidate for the new chair is expected to be announced around Christmas or early next year, at which point the market will start trading on future interest rate cut expectations;

5. The new SLR uncoupling rule will take effect in early April next year, and some banks will start transitioning to the new rules in the first quarter, which will gradually lower long-term bond yields. Rmp buys short-term bonds to replenish liquidity. SLR uncoupling will lower long-term bond yields. But in that time, it will still require some time.