Global bond yields have surged, with US 10-year yields above 4.8% and 30-year near 5.3%, driven by inflation worries, US debt issuance and Middle East tensions that pushed oil back near $100 a barrel. The author argues this raises financing costs for private companies issuing bonds or taking loans, which can squeeze profits and delay investment. He stresses the effect on the real economy is not immediate. For a Thai SME, this is background: review any upcoming borrowing or refinancing plans and keep an eye on fuel costs. The article is mainly about stock-market and portfolio positioning, not direct action for a small business.