Brazil pre-election jitters hit assets; Treasury yields rebound despite soft payroll

Ahead of Brazil's first-round presidential election, local assets are correcting excesses: the dollar and future rates are up, while the Ibovespa falls. This contrasts with a risk-on tone abroad after a soft U.S. payroll report, though Treasury yields have already turned higher along the curve. The divergence highlights election-driven domestic risk premium versus resilient U.S. rate expectations.