BRAZIL · MARKETS
Key Facts
—Who. André Esteves, chairman of BTG Pactual, a major Brazilian investment bank.
—What. He called the market swings around Brazil’s election exaggerated.
—Fiscal. He says balancing public accounts is the main task.
—Rates. He says rates could fall to 6%, 7% or 8% relatively quickly.
—Power Index. Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
As of 10 November 2026, 23:00 GMT.
One of Brazil’s best-known bankers says investors misread the election twice. His message to Wall Street is that Brazil is stable but must fix its budget.
André Esteves, chairman of the Brazilian investment bank BTG Pactual, said on Monday 9 November 2026 that market swings around Brazil’s election were exaggerated. He spoke at Global Dialogues, an event run by the Milken Institute, a US economic think tank, in São Paulo.
In his words, translated from Portuguese, Brazil “did not have the chance to elect Thatcher” and does not have a Kirchner governing the country either. He was comparing a market rally with a sharp correction, and he called both exaggerated.
Continuity, Not a Turn to Populism
Esteves described Lula’s re-election as continuity, with no deep change expected in economic policy. He said he does not see the government moving in a populist direction.
He cited about US$370 billion in net international reserves, low unemployment, steady foreign direct investment and an active capital market. Those are his figures; he gave no sources for them.
The One Big Problem: Public Accounts
The main challenge, in his words, is balancing the public accounts, which he called a simple problem. If that is achieved, he said, interest rates could fall to 6%, 7% or 8% relatively quickly.
What It Means for You
US investors in Brazilian stocks, bonds and the real should treat these remarks as one banker’s view, not a forecast. BTG Pactual has its own interests in markets and in Brazilian rates.
What Is Not Known
Esteves gave no timetable for a budget fix or for rate cuts. It is also not known which fiscal measures he has in mind.
Related reading: Lula vows to work for lower rates. More coverage is on our Brazil news page.
Frequently Asked Questions
Who is André Esteves?
He is the chairman and a senior partner of BTG Pactual, a major Brazilian investment bank.
What did Esteves say about the election and markets?
He said the market swings around the election were exaggerated and that Brazil neither elected a market reformer nor a state-heavy populist.
Where did he say this?
At the Milken Institute’s Global Dialogues event in São Paulo on 9 November 2026.
Could Brazil’s interest rates fall?
He said they could fall to 6%, 7% or 8% relatively quickly if public accounts are balanced. It was his view, not a central bank forecast.
Sources: Milken Institute, Global Dialogues · Central Bank of Brazil · Superior Electoral Court (TSE).
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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