Overview

• Bessent posted that the Treasury is "fully prepared to do whatever is necessary" and said he spoke with Economy Minister Luis Caputo, who is expected in Washington within days.
• He told CNBC the U.S. is working on a roughly $20 billion swap line with Argentina’s central bank and "is not putting money into Argentina."
• Argentina’s authorities sold dollars in the spot market for a third straight session, including about $450 million on Wednesday, as the peso’s weekly loss approached 7%.
• Argentine bonds briefly rallied on Bessent’s comments before reversing, with investors questioning the sustainability of the exchange-rate band given scarce usable reserves.
• Political resistance in the U.S. grew, including a letter from Democratic senators opposing financial aid and pushback from soybean producers concerned about losing China sales to Argentine rivals.