Brazilian markets rally on election outcome, rates drop limit-up

Brazilian futures rates plunged 90 basis points at Monday's open, hitting the maximum daily move allowed by B3, as investors priced in a higher probability of policy change following Sunday's presidential election. The limit was expanded and relaxed repeatedly during the session, reflecting extreme market optimism. The move signals a potential shift in fiscal and monetary policy direction, though the sustainability of the rally depends on the new government's concrete actions.