According to @DowdEdward, current stock market price action is a narrative battle between an exogenous tariff factor that can be imposed or removed quickly and an endogenous credit-cycle dynamic that is internal to the system and beyond the power of any one individual, with resolution expected over the coming weeks and months. Source: @DowdEdward, X post dated Oct 17, 2025. This framework highlights two tradable catalysts for equities: fast-moving tariff headlines versus slower, systemic credit conditions that drive risk premia and volatility. Source: @DowdEdward, X post dated Oct 17, 2025. For crypto traders, equity macro shocks are relevant because BTC’s correlation with stocks rose markedly during 2020–2022, indicating spillover risk from these drivers into BTC and ETH positioning. Source: International Monetary Fund, Crypto Prices Move More in Sync with Stocks, January 2022.