The US government sold 30-year bonds on 13 August at a 5.216% yield, the highest since 2001. Investors want more compensation for US deficits, inflation risk and a Fed that is no longer the main buyer. Analysts warn long-term yields could stay above 5%, and US 30-year mortgage rates rose to 6.69%. For a Thai SME this is indirect: it can keep global interest rates and the baht under pressure. Avoid locking in new long-term loans on the assumption that rates will fall soon, and watch the baht if you import or export in dollars.