Overview

• Authorities sold dollars for a seventh straight session, taking six-day interventions to about US$1.5–1.6 billion, with at least US$320 million reported on Wednesday and some operators estimating roughly US$700 million left in Treasury balances.
• The central bank is seen holding around US$10 billion in reserves but is constrained by the IMF trading band, leaving the official rate near 1,430 pesos and keeping Treasury interventions in focus unless the upper band is breached.
• Economy Minister Luis Caputo and central-bank chief Santiago Bausili are in Washington pursuing U.S. support, with reports of a possible swap facility of up to US$20 billion, though timing and size remain uncertain.
• Pressure gauges worsened as the parallel dollar climbed above 1,500 pesos, futures pricing suggested as much as a 60% annualized devaluation, and country risk moved back above 1,000 basis points.
• Short-dated local yields jumped to extreme levels, with bills maturing Oct. 31 near 97% and Nov. 28 near 87%, as investors weigh a US$500 million November maturity and the Oct. 26 midterm elections.