US 30-year Treasury yields hit 5.36%, a 19-year high, and a wave of bond selling is spreading to markets outside the US. Washington's two rounds of intervention (buybacks and a yen-support deal with Japan) did not bring yields down durably. For a Thai SME this is background: global interest rates and oil prices may stay high, so keep an eye on loan rates and the cost of imported inputs, and avoid assuming cheap funding is coming soon.