US 10-year yields hit a 19-year high and the 30-year a 22-year high, pushing up the dollar and pressuring gold. A SCB FM strategist says the baht has weakened about 7% year to date, less than the 10-15% in past crises, and EM equities are still positive. The Thai 10-year yield rose about 20 bps, half the US move. Markets now price some BoT rate hikes next year, but the strategist expects the BoT to hold rates given Thailand's fragile recovery. For a business, the practical point is a softer baht and a weaker outlook for rate cuts: review USD-linked import costs and loan repricing, but there is no sign of a crisis.