The bulls have already gathered at the beginning of the month. Are there still any bears out there? Starting from the 1st of next month, the balance sheet reduction will stop. $38.5 billion in liquidity outflow will be reduced each month. This means: the market is shifting from tightening → to easing mode. As long as the Non-Farm Payrolls (NFP) & CPI data don’t show ridiculously weak numbers, the December rate cut expectations are basically locked in. What is this? This is the starting point of a major comeback. It’s the rallying cry for the bulls. It’s a nightmare for the bears. The bulls are already at the starting line, while the bears are still complaining in their group chats. Refusing to stay bearish. December will be the rise of the bulls.