Argentine assets lagged the rally that followed the Democratic victory in the US, as US Treasury yields fell to 4.88%. Brazil's central bank held the Selic at 13.7% after five consecutive cuts, and the Brazilian real strengthened from 5.50 to 5.46 per dollar.
Brazil's rate pause and firmer real support Brazilian assets and tighten monetary conditions there, while lower US yields are a mild macro tailwind for commodities; the direct effect on feed prices is limited.
After 213 past bearish macro events, Brazilian Real (BRL per USD) moved a median -0.2% over 5 sessions (46% higher; middle half -1.5% to +0.9%), and +0.2% 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.