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Markets reacted to a proposal by economist André Lara Resende for a new formula to set the Selic, including a ceiling tied to inflation and growth, which investors read as a possible interest rate cap. The Copom decision is due Wednesday, and analysts expect rates to be held and the pace of cuts paused.
The Ibovespa had fallen 18.12% over the week after Lula's reelection.
Uncertainty over monetary policy keeps the real under pressure, which raises import costs for feed ingredients and fertilizers priced in dollars. Brazilian feed buyers face higher financing costs while the currency stays weak.
moneytimes.com.brRenan SousaNov 3, 2026After 301 past bullish macro events, USDBRL moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
