Overview

• Trump met briefly with Milei at the United Nations, handed him a printed copy of his Truth Social endorsement, and declared his “complete and total” backing for re-election.
• Speaking to reporters, Trump said the United States will help Argentina but said he does not believe the country needs a rescue.
• Bessent signaled readiness to use Exchange Stabilization Fund tools, citing potential swaps, direct FX purchases and U.S. dollar debt buys within Treasury’s mandate.
• Technical discussions center on sending dollars to Argentina’s central bank while Argentina parks pesos in a U.S. Treasury account, a structure reported as designed to avoid congressional approval and still not finalized.
• Markets rallied after Bessent’s messages, with the dollar rate easing and Argentine bonds and stocks rising, as the World Bank said it is accelerating up to $4 billion in support subject to board approval.