The US Fed raised rates for the first time in three years, to 3.75-4%. Bank of Thailand Governor says Thai policy rate stays at 1%, and SCB-KKP economists see it holding through end-2027. Big companies are delaying bond issues and borrowing from banks instead, since bank loans are cheaper; Sansiri expects bond costs to rise 0.25-0.4%. For SMEs, cheap bank credit should hold, but watch the baht: a weaker baht or oil above $100 would raise import and energy costs. Impact on Thai business is still small for now.