Thai baht has strengthened rapidly from ~33 to 32.70 per USD, driven not by domestic factors but by global currency market turmoil. US fiscal concerns—high deficits, excessive welfare spending, and war-related expenditures—have pushed US debt to historic highs and spiked bond yields. The Fed's independence is questioned as markets fear monetary intervention and "debasement" (currency devaluation through money printing). This triggered capital flows away from the dollar toward gold and the baht. SCB FM strategists warn the US Treasury's limited bond buyback measures (~10% of new issuances) may prove ineffective; further intervention like "Operation Twist" may be needed. For Thai SMEs, this currency strength offers near-term export headwinds but potential medium-term opportunities if US fiscal instability persists.