The U.S. Federal Reserve has raised interest rates to 3.75–4%, signaling continued monetary tightening through year-end as inflation remains elevated at 3.7% PCE and is not expected to return to the 2% target until 2029. Key implications for Thai SMEs and investors: higher U.S. Treasury yields (10-year at 5%), stronger dollar, and near-term pressure on growth/tech stocks globally. However, historical patterns show equities often rebound 6–12 months after the first rate hike, making selective buying opportunities available for quality companies as the economy still shows strong fundamentals.