Overview

• U.S. Treasury Secretary Scott Bessent confirmed direct peso purchases executed through Santander, Citi and J.P. Morgan, plus a $20 billion swap framework with Argentina’s central bank after four days of talks with Economy Minister Luis Caputo.
• Argentine markets rebounded immediately as financial dollar rates fell roughly 4–5% and bonds and equities rallied, easing near‑term liquidity stress.
• Bessent endorsed Argentina’s exchange‑rate band system and said policies grounded in fiscal discipline are sound, noting ongoing coordination with the IMF.
• Oxford Economics and Pantheon Macroeconomics warned the support is a temporary band‑aid that leaves structural imbalances unresolved, including an overvalued peso and elevated political risk.
• Key operational details remain opaque, including activation, pricing and tenor of the swap and how it interfaces with the IMF and existing arrangements with China, while a Trump–Milei meeting is scheduled for October 14.