Lula’s campaign has maintained a cautious approach to first-round presidential debates ahead of Brazil’s October 4 vote, citing concerns over format and value. The president has repeatedly signaled reluctance to join multi-candidate televised events where he could face concentrated attacks, preferring controlled individual interviews such as the recent SBT Brasil appearance. He skipped the August 23 Band debate, and a major September 14 consortium event organized by outlets including SBT and CNN was canceled after Lula and leading rival Flávio Bolsonaro declined to confirm participation by the deadline. Recent polling shows a tightening race, with Lula holding a modest edge over Flávio Bolsonaro in the low-to-mid 30s, prompting some internal discussion about selective debate involvement to project firmness. However, the campaign continues to weigh risks against potential gains in a polarized field. Remaining scheduled debates, including possible late-September or early-October slots, keep the outcome in balance. Trader consensus near even odds reflects uncertainty over whether Lula will shift strategy or adhere to selective engagement before the first round.