U.S. 30-year Treasury bond yields reached 5.216% on August 13—the highest in 25 years—as investors demand higher returns to compensate for rising fiscal deficits, inflation uncertainty, and the Fed's reduced bond-buying. High Treasury yields ripple across the financial system, driving up mortgage rates (now 6.69%) and corporate borrowing costs, creating headwinds for both the U.S. economy and emerging markets. For Thai SMEs reliant on dollar funding or export competitiveness, this signals higher global financing costs and potential demand pressures ahead.