American Century's Charles Tan says the recent Treasury selloff may have gone too far, calling a 5.25% 10-year yield an attractive entry point for long-term investors. He argues the surge was driven largely by forced selling and intense competition for capital from AI investment and government borrowing, rather than inflation fears. Tan expects the AI debt boom to eventually slow, reducing pressure on the Fed to hike, and says current pricing for up to four hikes over the next year is too aggressive.