Global government bond yields (Bloomberg index, 3.72% as of 31 August) reached their highest level since mid-2008, driven by oil prices tied to Middle East tensions, inflation worries and the US Fed signalling it will keep fighting inflation. Analysts expect higher-for-longer rates. For a Thai SME, this means fixed-rate loan pricing and refinancing may get more expensive, so review debt maturities and avoid locking in new long-term borrowing without comparing rates. Higher oil costs also feed into transport and input prices. The article does not give direct Thai rate forecasts.