In this episode of Thinking in Markets, Michelle and Vox unpack a simple but important idea: why carry trades can look calm for a long time, then unravel very quickly. The conversation explains how cheap funding, steady behavior, and sudden reversals fit together, in plain language that helps retail investors see market stress more clearly.

This episode breaks down futures, equities, and global sessions into a single coherent framework — showing how Asia, Europe, and the U.S. connect, overlap, and drive price action.