Good days haven't come yet, so endure a tough period first.

1. The Fed's RMP bond purchase expansion is a good thing, but it will take time for reserves to rise above 3 trillion, about one or two months.
2. Oracle's earnings report was disappointing, increasing market concerns, especially about AI spending;
3. Next week's data and events are numerous: November non-farm payroll and inflation data, Senate vote on the Affordable Care Act subsidies, Japan's interest rate hike—all are disturbances;
4. The dot plot's one-rate cut next month won't have much impact. The future depends on the new Chair. The candidate is expected to be announced around Christmas or late, and then the market will trade based on expectations of future rate cuts in early next year;
5. The new SLR unbinding regulation will take effect in early April next year. Some banks will start switching to the new rules in the first quarter, which can gradually suppress long-term bond yields.
RMP buys short-term bonds to replenish liquidity. SLR unbinding will lower long-term bond yields. But it will still take some time during this period.#十二月行情展望