The US Federal Reserve raised its policy rate by 25 basis points to 3.75-4%, its first hike in over three years. Analysts see the 2027 outlook as less hawkish than feared, but US two-year yields near 4.7% and 10-year near 5% keep funding costs high. Foreign investors sold a net 7.2 billion baht of Thai equities on one day. For a small business, expect borrowing costs to stay firm rather than fall; avoid locking in new variable-rate debt on the assumption of quick relief. Lower Brent crude (around US$104) may ease business costs, but a diesel discount policy is squeezing refiners.