Joe Consorti (Head of Growth at Horizon) joins Jackson Mikalic, Michael Tanguma, and Brian Cubellis on The Last Trade to break down a week where the bond market started dictating Iran policy, Morgan Stanley undercut Schwab on spot Bitcoin trading, and Coinbase cut 14% of its workforce.

The conversation moves from the macro setup — yields capped at 4.5%, Warsh teeing up trimmed-mean PCE to justify cutting into 3% CPI, 70% of US farmers unable to afford fertilizer — into the institutional Bitcoin landscape that's emerging on the other side of GENIUS and CLARITY. Morgan Stanley going live with spot BTC on E*Trade at 50bps reframes the competitive question: when the largest wirehouse in the world races to put bitcoin inside every 60/40 portfolio it manages, the conversation stops being about whether institutions adopt and starts being about how they custody.

The crew also covers Saylor's earnings-call signal on potentially selling Bitcoin to fund the STRC dividend, the custody concentration risk a complacent Coinbase has been masking, Polymarket's 67%-to-the-0.1% profit dynamic, and Marty Bent's frame that the catalyst isn't coming because the catalyst is the system itself.