Overview

• Treasure Secretary Scott Bessent said the administration is assembling a $20 billion facility from banks and sovereign funds next to an already completed $20 billion swap line.
• U.S. authorities confirmed rare direct purchases of Argentine pesos, a step taken only a handful of times since 1996, to help steady the currency.
• President Trump said generosity would depend on Milei’s Oct. 26 midterm performance, while Bessent later emphasized support hinges on “good policies,” not electoral outcomes.
• Argentine stocks jumped on the new facility plan as the peso slipped roughly 0.7% after Trump’s remarks, and officials in Buenos Aires aim to lock down swap terms before the vote.
• Democrats escalated opposition, with a Warren bill to block the aid halted by Republicans, as critics warned of benefits to hedge funds and highlighted scant details on repayment mechanics.