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"Traders estimated that Secretary Scott Bessent’s Treasury sold more than US$200 million (of dollars) during the trading session Friday, with roughly half coming in the final 10 minutes" Total US purchases of pesos last week must be above $300m, perhaps approaching $500m? 1/
The US of course hasn't disclosed the amount of direct peso purchases it has done -- and such purchases come on top of the $20b committed in a credit line to Argentina's central bank. h/t @sobel_mark 2/ <a target="_blank" href="https://www.batimes.com.ar/news/economy/fx-traders-in-argentina-estimate-us-treasury-sold-over-200-million.phtml" color="blue">batimes.com.ar/news/economy/f…</a>
Two things though are clear -- a) Either the US or the BCRA will have buy a lot more pesos this week to keep the peso broadly stable ahead of the election ... b) This is an incredibly risky use of the Treasury's Exchange Stabilization Fund 3/3 <a target="_blank" href="https://www.nytimes.com/2025/10/17/us/politics/trump-argentina-bailout-bessent.html" color="blue">nytimes.com/2025/10/17/us/…</a>
hearing that cumulative US purchases in through the troubled peso purchases program may already top $600m (more than I expected) ... attention: @sobel_mark