In brief
Federal public debtPublic DebtMacroBrazil's federal public debt stock, its composition by indexer and tenor, and the National Treasury's financing strategy set in the Annual Financing Plan (PAF).Open in the Market Map ↗ rose 0.97% in September.
It reached R$ 9.38 trillion.
What we know
04Verified fact · material
Federal Public DebtPublic DebtMacroBrazil's federal public debt stock, its composition by indexer and tenor, and the National Treasury's financing strategy set in the Annual Financing Plan (PAF).Open in the Market Map ↗ reached R$ 9.38 trillion in September 2026, according to the National Treasury.
Stock.
Verified fact
According to Agência Brasil, interest accrual was R$ 89.29 billion in the month.
Interest.
Sources[01]Verified fact
According to Gazeta do Povo, the federal state companies deficit hit a record this year.
State firms.
Sources[03]
Transmission to assets
Market read-through
High rates make debt grow even with small net issuance.
Portfolio impact
01Juros futurosnegative
Higher debt lifts premium.
Fiscal adjustment.
What would change the view: High rates.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- Average debt cost
- Treasury auctions
Limits of the reporting
What remains uncertain
- September data predate the post-election rate shock.