Brazil's economy showed stronger-than-expected growth in November, putting a wrench in the central bank's rate-cutting playbook. The latest economic activity data dropped Friday and it's already reshaping market expectations. With numbers coming in hot, any near-term pivot to lower borrowing costs just got a lot less certain. This kind of inflation-fighting strength could keep rates elevated longer than traders were betting on—something worth monitoring if you're eyeing emerging market exposure or thinking through FX dynamics and how they ripple through global liquidity.