Episode Details

Could the S&P 500 reach 9,300—or will oil, Iran and the Federal Reserve derail the rally first?

On this episode of Hatfield Economics, host Todd M. Schoenberger sits down with Jay Hatfield, CEO of Infrastructure Capital Management and CIO of ICAP ETFs, for a wide-ranging discussion about what could determine Wall Street’s next major move.

Hatfield says powerful corporate earnings—not just technology stocks—continue to support the market and could ultimately justify an S&P 500 target approaching 9,300 under the right valuation and interest-rate environment. But the path higher could depend heavily on oil prices, the Strait of Hormuz and the direction of Treasury yields.

The conversation turns directly to the Federal Reserve and inflation, where Hatfield argues policymakers are relying on the wrong data. He explains why he believes CPI should replace PCE as the Fed’s preferred inflation measure, challenges the validity of the Fed’s 2% inflation target and warns that another rate increase under current conditions could become a significant policy mistake.

Hatfield also delivers a warning about private credit, explaining why he believes investors should consider redeeming from private-credit funds and discusses why he favors PFFA as a more liquid alternative.

Then it’s on to stocks.

Hatfield breaks down his outlook for Broadcom, Marvell and Amazon as the AI investment boom continues, identifying Broadcom as his preferred risk/reward opportunity among the three. He also explains why ICAP has become more constructive on alternative asset managers while remaining more neutral toward traditional banks.

And what about SpaceX? Hatfield walks Todd through his fundamental valuation approach, including a discounted cash-flow analysis that produces a roughly $100 target, and explains why even revolutionary companies still need valuations grounded in future profitability.

From S&P 9,300 and the AI boom to oil, inflation, private credit, the Fed and SpaceX, Jay Hatfield lays out the opportunities—and risks—that could define the next phase of the market.

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