US long-term Treasury yields have risen steadily, and the US Treasury has announced buybacks of long-dated bonds. The author sees US deficits and AI-related borrowing as keeping yields high, with scenarios ranging from 4.0% to 5.1% on the 10-year. For a Thai SME, this is background: higher US rates can keep global borrowing costs and the baht under pressure, so review any dollar-linked loans or import costs, but no action is required yet.