Luiz Inácio Lula da Silva beat Jair Bolsonaro to win a fourth term as Brazil's president. The headline result is straightforward: Lula won.
What the result does not settle, according to the Financial Times, is what comes next. The paper describes Lula facing a "deep hangover" after the win, pointing to two specific obstacles: a congress he will have to negotiate with, and debt levels it calls high. Both of those constraints exist regardless of who holds the presidency, which is why winning the election and being able to govern are being treated as separate questions.
The FT also notes a rightward shift in Brazil's overall political center of gravity even as a leftist president took office. That detail matters because it suggests Lula's congressional math may be harder than a straightforward victory margin would imply.
What is unresolved is how Lula's government manages the debt question specifically — the FT raises it as a constraint without yet saying what fiscal path a fourth Lula term will take.