Interest Rate & FX Strategy: Carry Trade Risk and The Driver Of The Equity Sell Off

Carry Trade and Equity Risk

Nov 21, 2025

∙ Paid

Interest Rate & FX Strategy: Carry Trade Risk?

The most important question to be asking right now is WHAT is driving the current sell off in equities and Bitcoin? On top of this, what are the additional macro volatility risks that exist as we move into this time of higher volatility?

I am going to answer both of these questions in this report for paid subscribers.

If you want to review my big picture macro views, they are in the most recent interview on Blockworks for free subscribers:

Macro Driver:

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