Jay Hatfield discusses Treasury yields, Fed policy, and why he believes rates will move lower as housing and labor market conditions soften. Hatfield argues that higher yields have been driven primarily by a hawkish Fed and elevated oil prices, not AI spending or fiscal deficits, while maintaining an S&P 500 (SPX) target of $8,300. He also highlights Marvell (MRVL) as his top stock pick, citing its AI-driven growth outlook, and compares its opportunity to larger semiconductor names such as Nvidia (NVDA).