Financial markets today are quite interconnected. The lingering interest rate hikes from the Fed are creating pressure on everything. I see that many global financial institutions agree that the Fed is likely to keep interest rates steady at 3.50%-3.75% for a long time, possibly not lowering them in 2026 because US inflation remains more stubborn than expected, and the labor market is too strong. The hope that cheap money will help the market is wishful thinking. Investors need to stop fooling themselves because high financing costs will persist for years.

Gold is becoming a focal point, with prices rising due to fears from tensions in the Middle East. Donald Trump rejected Iran’s peace proposal, keeping the Strait of Hormuz closed, which pushes oil prices and risk levels higher. Those speculating in gold must understand that this is a game of playing with market fears. If the conflict doesn’t resolve, gold will continue to be a safe haven where funds flow.

The crypto side is no less intense. Bitcoin has slightly decreased to around $78,000, but what’s notable is that institutional money continues to flow in steadily. MicroStrategy still attracts massive investments. The crypto market is no longer just about retail traders speculating on emotions; it’s a space where major institutions are taking control and establishing long-term positions.

Back to our local stock market, the SET Index hovers around 1,493 points. Overall, it remains tired because Thai inflation jumped to 2.89%, the highest in over a year. This is a major pressure point for recovery. But if we look for opportunities amid the chaos, focus should be on stocks benefiting from the economic stimulus measures "Thai Help Thai Plus" and strong stocks like AOT, which just rebounded by 2.4%. In a high-interest environment, investing in Thai stocks requires selective picking based on fundamentals and cash flow, not blindly buying and hoping the index will push higher across the board.