Brazil’s policy-setting **Selic rate** is likely to remain locked at its current high level of 14.0% until the next government commits to a credible plan for budget adjustment, as the **economic policy** platforms of leading presidential candidates have so far failed to convince markets they can contain the country’s significant **fiscal risk**. Despite a consensus among all frontrunners that Brazil’s punishingly **high interest rates** are the main obstacle to sustainable economic growth, analysts are criticizing the lack of concrete measures—such as clear targets for spending cuts or instruments to reduce interest rates sustainably—in the election programs. For the average Brazilian consumer and business, this means the cost of credit, from mortgages to corporate loans, will remain elevated, directly throttling economic activity.