The Ibovespa fell near 2% to trade below 185,500 following weak quarterly reports from Vale and WEG, the US Fed's meeting, and ahead of the upcoming Selic decision. Vale plunged over 5% after reporting results below market expectations. Likewise, WEG lost nearly 6% after it recorded a decline in profits. Meanwhile, the Fed held its benchmark interest rate in the range of 3.5% to 3.75%, citing the surge in oil prices and increased economic uncertainty from the Iran war. The Brazilian central bank is expected to cut the Selic rate by 25 basis points after the bell, but recent high inflation data has kept some bets of a hold alive and increased the likelihood of hawkish guidance. Major banks traded negative, with Ita