The Argentine peso is in trouble again, but this time the US government is riding to the rescue. In late September, Treasury Secretary Scott Bessent announced several supportive measures, including possible US purchases of Argentine dollar bonds and a $20 billion swap line to the Banco Central de la Rep?blica Argentina (BCRA), the country’s central bank. The Trump administration‘s goal appears to be to keep the Argentine peso within the band that the Milei government announced last April―shown in the figure―at least until Argentina’s October 26 legislative elections.