Brazil's economic momentum caught analysts off guard in November—activity expanded beyond forecasts, throwing a wrench into the narrative around imminent rate cuts. This presents an interesting headwind for anyone tracking how emerging market monetary policy might shape capital flows. When central banks pump the brakes on rate cuts due to stronger-than-expected economic data, it can shift portfolio rotation dynamics. The question now: does this economic resilience in Brazil force policymakers to hold steady longer, and what does that mean for risk assets across the crypto and traditional sectors?