Rising US Treasury yields driven by structural fiscal deficits (5-7% of GDP annually) and massive AI capex demands (~$0.5-1.0 trillion/year) are creating sustained term premium pressure that unlikely to ease without policy intervention. Thai investors must prepare for four possible scenarios: benign AI capex plateau scenario, more likely elevated yields with strong economy, or potentially destabilizing Fed intervention approaches. The core challenge: even successful yield suppression may come with "financial repression"—negative real returns on bonds amid persistent inflation.