Inflation vs. Risk, how it can affect carry trading

Although the shadow of inflation increasingly cast itself on equity markets around the world, but it seems there is very limited impact on carry trading. It is relatively different to what it used to be six month ago. At that time it was the high level of risk-aversion, affecting both equity markets and carry trading in the same direction. But at this time, inflation is the main driving force, which in one hand negatively affects the stock markets, and in other hand increases the possibility of higher levels in interest rates globally.