The **Ibovespa** advanced moderately Wednesday, rising 0.70% to 176,564.75, as Brazilian markets entered a holding pattern ahead of the Federal Reserve’s pivotal interest rate decision, which carries a higher-than-usual probability of a surprise move. While a majority of the market expects the Federal Open Market Committee (FOMC) to hold the federal funds rate at its current range of 3.50%–3.75%, the probability of a 25-basis-point hike has climbed sharply, with futures contracts pricing in a roughly 29% chance of a tightening move, raising the target to 3.75%–4.00%. The **USD/BRL** rate reflected the caution, trading up slightly at R$5.1384, a gain of 0.05% against the **Brazilian Real**.