Memory fades.
Not abruptly.
Gradually.
Weeks passed.
Volatility compressed into narrow corridors.
Liquidity thickened—selectively.
Participants re-expanded balance sheets.
Carefully at first.
Then competitively.
In New York City, gross exposure crept higher under improved VaR metrics.
In London, credit spreads retraced more than half their widening.
In Tokyo, retail participation rebounded.
Caution remained.
But incentive returned.
Maya reopened the model.
"Post-shock systems rarely remain static," she said.
"They drift."
She introduced slow parameter evolution.
A small constant.
Positive.
Structural depth increasing again.
Keith watched the slope steepen on her screen.
"So the basin deepens over time."
"Yes."
"But so does stored energy."
Jasmine measured volatility clustering decay.
"Persistence declining," she said.
Shock memory was fading.
Alpha stable.
Beta moderating.
The system was normalizing.
In Chicago, dealer gamma flipped positive more frequently.
In Frankfurt, issuance volumes exceeded pre-cascade averages.
In Singapore, leverage ratios in macro funds ticked upward.
The new equilibrium was forming.
Not identical to the old.
But trending toward it.
Maya plotted slow drift toward center.
"With k increasing gradually," she explained.
"Restoring force strengthens again."
Keith leaned back.
"So stability is rebuilding."
"Yes."
"And complacency."
In Hong Kong, volatility premiums compressed steadily.
In Zurich, capital cushions were quietly optimized lower.
In Washington, D.C., emergency facilities expired without extension.
The brake had disengaged.
Because it was no longer needed.
Drift is subtle.
It does not announce regime change.
It rebuilds conditions.
Coupling slowly tightens.
Damping slowly recedes.
Energy slowly accumulates.
Keith studied the calm screens.
"It feels normal."
Maya nodded.
"That's the signal."
Chapter 196 does not end with instability.
It ends with restoration.
Volatility low.
Liquidity ample.
Confidence returning.
The system has stabilized into a deeper basin once more.
But depth invites leverage.
Leverage invites resonance.
And resonance,
Given enough time,
Invites repetition.
