Brazilian financial markets faced global bond-market pressure in October, with the 10-year government bond yield rising above 14.15% and the real weakening to near 5.23 per U.S. dollar. Selling in U.S. Treasuries, dollar strength, oil-price volatility and inflation concerns linked to the Middle East added pressure, while investors awaited a September U.S. jobs report expected to show 84,000 roles added. Brazil’s approaching first-round presidential election, tight polls and a final debate increased uncertainty ahead of Sunday’s vote. Weaker manufacturing activity, gradually cooling labor-market data and expectations of near-flat 3Q26 GDP supported expectations for continued easing of the Selic, Brazil’s benchmark interest rate.