US 10-year Treasury yields rose to 5.12% on 24 September, the highest since 2007, after the Fed raised rates for the first time in this cycle to 3.75-4%. Markets expect up to three more 0.25% hikes within a year. Analysts say the sell-off is driven by oil-linked inflation worries and heavy government and corporate bond supply. For a Thai SME, the main channel is higher global borrowing costs and possible pressure on stock markets and the baht. No immediate action is needed, but watch loan rates, import costs and the US mid-term elections, which could slow the sell-off.