It does. And it comes in 3 parts. Past, present, and future.
Expanding about that: Present is an infinitely brief amount of time, in which nothing can fit. Present is not a timeframe, it's just the border between past and future. Even when you are in the middle of an activity, you are actually just dividing it into the things that you've done in the (immediate) past, and to things that will happen in the near future. The feeling of being in the process of doing something right now, is just a consequence of looking at the immediate past and thinking about the future.
But, what exactly is the entity, the ultimate observer that looks in the past thought processes? It could be said it's the "you". And this observing happens in the present. What are emotions? They are something that come from certain complex combinations of thoughts that come from the future (non-existence), into your brain (where they have been for x amount of time that is positive, therefore in the past). It's like a chemistry class where you pour different things into a pot and they combine into other things, like emotions. don't happen in the present but are observed in the present.
This observer is something you can't observe, because it's not actually a thing. It's just the action of observing. Which is in the end, a chemical reaction in your brain.
What I said is pretty much made up and don't make sense. From the outside perspective brain is just a machine with cogs and wheels that respond to things based on laws of physics.