Brazil Treasury Yields Surge, Long IPCA+ at Highest Since First Round

Brazilian Treasury rates rose across the curve on October 15, 2026, with long-dated IPCA+ bonds reaching their highest level since the first round of elections, amid global risk aversion and domestic political uncertainty. Polls indicate a tight second round, and the approval of a PEC to end the 6x1 work shift adds fiscal concerns. The move reflects investor repricing of fiscal and political risk in Brazil.