US CPI rose 0.4% month on month in August and stayed at 3.4% year on year, in line with forecasts. KResearch expects the Fed to hold its policy rate at 3.50-3.75% at the 15-16 September FOMC, with one hike possible for the rest of 2026 if inflation does not accelerate beyond expectations. Oil above US$100 a barrel and record US diesel prices add pressure. For a Thai SME, this is background: a firmer US rate path can strengthen the dollar and push up Thai borrowing costs over time, so review any variable-rate loans and dollar-linked import costs, but no action is needed this week.