The US Treasury's 10-year auction on 12 August cleared at 4.683%, the highest yield since the 2008 financial crisis, with a 30-year auction expected to follow at its highest in 25 years. Analysts cite heavy US borrowing, sticky inflation, and Japanese bond yields pulling money away. For a Thai SME this is background: higher global long-term rates can put upward pressure on borrowing costs and the baht over time, so it is worth watching but no action is needed yet.