They Need an Excuse to Print — And They Just Found One
March 26, 2026
On this episode of The Last Trade, a show from Onramp Media, hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis cover the energy shock and reversing inflation expectations, private credit funds gating withdrawals, their argument that the Federal Reserve is boxed in and that pressure to print is building, Morgan Stanley's expected bitcoin ETF, Fidelity's case for fiduciaries holding none, and Bybit's proof of reserves. This is the show's framing, not investment advice from Onramp.
Jackson Mikalic, Michael Tanguma, and Brian Cubellis host The Last Trade, a show from Onramp Media, covering the energy shock four weeks into the Iran conflict, the Philippines' national energy emergency, private credit funds gating withdrawals, the hosts' argument that the Federal Reserve is boxed in, Morgan Stanley's expected bitcoin ETF, Fidelity's case for fiduciaries at zero, and Bybit's proof of reserves. The Last Trade is editorial commentary from Onramp Media and is not investment advice.
Chapters
00:00 - Energy Crisis & Macro Backdrop 04:40 - Inflation Was Never Handled 06:47 - The Excuse to Print 13:13 - Private Credit Unwind 19:20 - Sellers Are Exhausted 23:33 - Things Are Breaking 31:49 - ETF Inflows & Morgan Stanley 38:26 - Fidelity: Getting Off Zero 44:25 - Bybit & Proof of Ownership 48:28 - Tucker Carlson on Gold Dealer Sales Practices 53:47 - Australia Pension Fund Allocation 54:35 - Last Takes, Outro & Disclaimer
Frequently Asked Questions
What does this episode say about the Federal Reserve and monetary policy?
The hosts argue that inflation was never fully handled (04:40) and that the Federal Reserve is constrained between cutting and hiking, and they make the case that the political justification for renewed money printing is forming (06:47). That characterization of policymakers' motives is the hosts' argument, not established fact. This is the show's framing, not investment advice from Onramp.
What does the episode cover on private credit and market stress?
Segments cover the energy shock and macro backdrop (00:00), the private credit unwind and reports of funds gating withdrawals (13:13), exhausted sellers (19:20), and a wider look at what the hosts see breaking across markets (23:33), including the Philippines' declared national energy emergency. These are the hosts' readings of the reporting cited in the episode.
What does the episode say about Morgan Stanley and Fidelity?
One segment covers ETF inflows and Morgan Stanley's expected bitcoin ETF launch, and what broader distribution could mean for solicitation versus latent demand (31:49). A later segment discusses Fidelity's published case that fiduciaries with no allocation need a reason (38:26). Both are described as reported by the sources the episode cites, and neither is a recommendation from Onramp.
What does the episode cover on Bybit and proof of reserves?
The hosts discuss Bybit's proof-of-reserves disclosure and why, in their view, a point-in-time snapshot is a different thing from verifiable ownership and ongoing security (44:25). The discussion is about the limits of the attestation format, and the episode makes no finding about any exchange's solvency or conduct.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.