Both Lula and Flávio Bolsonaro advanced to Brazil’s October 25 presidential runoff after the October 4 first round, where neither participated in any scheduled debates. Multiple second-round events are now set, including a multi-outlet pool broadcast on October 15, a Band debate on October 18, and a Globo debate on October 23. After initially declining the Band event on October 13, Flávio reversed course the next day and confirmed attendance once Lula publicly committed, marking the first direct face-off of the campaign cycle. These confirmations and fixed schedules have produced strong trader consensus that at least one debate will occur before the runoff.