Sec. Bessent: 11 candidates for Fed chair, will have interviewed most by next week

Core Viewpoint - The U.S. Treasury Secretary indicated a potential large-scale intervention in Argentine financial markets, contingent on market conditions, following a meeting between President Trump and President Milei at the UN General Assembly [2][10]. U.S. Intervention in Argentina - The U.S. is prepared for a significant intervention to stabilize Argentina's financial markets, depending on the outcomes of the upcoming meeting between the two presidents [2][4]. - The Secretary expressed that there is no immediate danger of financial contagion from Argentina, but highlighted concerns about a "lost generation" due to the stagnant economy [3][10]. Political Context - The intervention appears to be politically motivated, aimed at supporting a center-right government in South America and preventing political contagion [3][10]. - The Argentine markets have been volatile following President Milei's loss of support in local elections, raising fears about the potential return of socialist policies [8][10]. Economic Measures - Argentina is currently scrapping some export tariffs to address its urgent need for U.S. dollars, indicating the severity of its economic situation [15]. - The U.S. administration views the economic experiment under President Milei as significant and worth preserving, reinforcing the political alliance between the two nations [10]. Federal Reserve Chair Search - The Treasury Secretary mentioned that there are 11 candidates for the position of Fed chair, with interviews for 10 of them expected to be completed by the end of next week [4].