# Brazil's Central Bank Ends Run of Rate Cuts After Lula Election Win

> Brazil's central bank held its benchmark Selic rate at 13.75% on Wednesday, ending a series of cuts that began in March. The decision was unanimous and matched the expectations of most economists polled by Reuters.

- Date: 2026-11-04 · published 2026-11-05T06:07:49.581Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/81147-brazil-s-central-bank-ends-run-of-rate-cuts-after-lula-election-win
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A hold amid fears of higher inflation after Lula's reelection points to tighter Brazilian borrowing costs and a firmer real, which can weigh on Brazilian feed demand and shift export competitiveness for soymeal and corn.

## Read by commodity

- USDBRL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2020-12-10 | [Brazil's real jumps after central bank hints at end of easing cycle \| Financial Post](https://feedsoft.ai/events/49851-brazil-s-real-jumps-after-central-bank-hints-at-end-of-easing-cycle-financial.md) | -0.4% | +6.4% |
| USDBRL | 2022-10-31 | [Brazilian assets rally in volatile session after Lula elected president](https://feedsoft.ai/events/39342-brazilian-assets-rally-in-volatile-session-after-lula-elected-president.md) | -5.8% | -1.1% |
| USDBRL | 2023-02-17 | [Brazil’s Central Bank Head Extends Hand to Lula, But Maintains Key Demands](https://feedsoft.ai/events/37529-brazil-s-central-bank-head-extends-hand-to-lula-but-maintains-key-demands.md) | -0.9% | +1.0% |
| USDBRL | 2017-04-17 | [EMERGING MARKETS-Brazil real jumps on central bank intervention](https://feedsoft.ai/events/71706-emerging-markets-brazil-real-jumps-on-central-bank-intervention.md) | +0.1% | -0.8% |
| USDBRL | 2021-10-13 | [Brazil central bank sells $1 bln in surprise FX swap auction](https://feedsoft.ai/events/44784-brazil-central-bank-sells-1-bln-in-surprise-fx-swap-auction.md) | +0.4% | -0.5% |

## Sources

- money.usnews.com: https://money.usnews.com/investing/news/articles/2026-11-04/brazils-central-bank-ends-run-of-rate-cuts-after-lula-election-win

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.