Lula's July statements declining participation in debates he views as unproductive or focused on "bobagem," paired with his absence from the August 23 Band event (the first scheduled before the October 4 first round), have shaped trader views. He instead granted a Record interview during the broadcast slot, while Flávio Bolsonaro (his main rival) conditioned his own attendance on Lula's presence. This approach aligns with Lula's polling lead and strategy of controlled media exposure over multi-candidate formats. Three further debates remain scheduled through early October, but the pattern of selective engagement sustains the narrow consensus favoring non-participation.