First Presidency

Brazil's leftist incumbent Luiz Inácio Lula da Silva has won a fourth term as president after what is being called a historic upset over the far right. Reports describe an unprecedented comeback for Lula, weeks after he narrowly lost the first round of the election to a Bolsonaro candidate. The result marks a major political reversal in Brazil, with reaction still coming in.

Former Atlanta Fed President Dennis Lockhart says he expects the Federal Reserve to raise interest rates in December and again in the first quarter. He warns that rising oil prices carry the risk of forcing additional hikes beyond that. The comments come as markets weigh the outlook for monetary policy against inflation pressures from energy costs.

A localized ceasefire in Ukraine, brokered by Melania Trump, has come into force, coinciding with phone calls between Nordic leaders and Russian President Vladimir Putin. The arrangement marks an unusual diplomatic role for the US first lady, while Nordic heads of state engaged Putin directly amid ongoing efforts to reduce fighting in the war.