Bessent’s Argentina Bazooka Put to Test as Traders Attack Peso

Treasury Secretary Scott Bessent’s record as a powerful pacifier of unruly markets is now being put to the test in Argentina, where investors are questioning the value of his pledge of support last week for President Javier Milei.

Barely a week after Argentine assets surged on a vow from Bessent to provide “all options for stabilization,” traders Tuesday drove the Argentine peso down over 6% against the dollar — forcing Milei’s government to intervene and stem the plunge, only for it to fall again Wednesday and prompt further dollar sales by officials. The capacity of Buenos ...