An interesting article that goes into detail about carry trades in general and how the S&P is act8ng like one now.

"It’s easy to see how the non-linear, sharp falls we experienced in the last few days emerge. A big enough jump in volatility causes liquidity supply to fall just as liquidity demand rises. That’s what we mean by volatility “defining the value of money”. When volatility spikes, the value of having cash goes up. And the volatility that matters is S&P 500 volatility because that is a proxy for generic risk asset volatility."