TISCO ESU says governments raising debt for defence and Big Tech borrowing for data centres, chips and power are pushing up global bond yields by roughly 0.60-0.90%. It expects the US Fed to raise rates another 0.25% in December, to about 4.25%, and to hold there into 2027. For a Thai SME, plan on borrowing costs staying high rather than falling soon: avoid assuming cheaper refinancing, and check the fixed versus floating rate on existing loans.