Overview

• Treasury Secretary Scott Bessent said the department is working to assemble a $20 billion facility from private banks and sovereign funds to complement an existing $20 billion currency swap.
• The new vehicle would focus on Argentina’s debt market, while the operational swap line and recent U.S. peso purchases are aimed at stabilizing the currency.
• After President Trump linked generosity to Javier Milei’s midterm performance, Bessent clarified that continued backing is policy-specific rather than election-specific.
• Markets wobbled following the White House comments, with the peso down about 0.7% Wednesday before Argentine stocks recovered some losses from the prior session.
• Democratic leaders and farm groups criticized the effort and questioned who benefits as Argentina’s team seeks to finalize the swap framework ahead of the Oct. 26 vote and key terms remain undisclosed.