Global bond yields are rising sharply due to US inflation concerns and mounting public debt, forcing investors to reassess equity valuations and reallocate capital across markets. Higher borrowing costs for corporations and reduced returns from risky assets are creating headwinds for equity markets, particularly growth stocks. The article signals a major shift in global capital flows driven by interest rates, currency movements, and geopolitical risk—key factors Thai SMEs relying on foreign financing or export markets should monitor closely.