Both candidates advanced to the October 25 runoff after a narrow first-round result, with neither participating in any first-round debates. Lula and Flávio Bolsonaro have since publicly committed to second-round debates, including the Band/Estadão event scheduled for October 18 and a Globo debate on October 23. Recent confirmations followed initial hesitation from Flávio, who reversed course after Lula signaled attendance, with both sides engaging organizers on format and rules. These steps, driven by the competitive race and the opportunity for direct platform comparisons, underpin the strong trader consensus on a pre-runoff debate occurring.