{"id":33861,"date":"2025-09-23T21:02:09","date_gmt":"2025-09-23T21:02:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/33861\/"},"modified":"2025-09-23T21:02:09","modified_gmt":"2025-09-23T21:02:09","slug":"us-floats-large-and-forceful-financial-intervention-to-support-argentina","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/33861\/","title":{"rendered":"US floats \u2018large and forceful\u2019 financial intervention to support Argentina"},"content":{"rendered":"

This is an on-site version of the White House Watch newsletter. You can read the previous edition\u00a0here<\/a>. Sign up for free here<\/a> to\u00a0get it on Tuesdays and Thursdays. Email us at\u00a0whitehousewatch@ft.com<\/a><\/p>\n

Good morning and welcome to White House Watch.\u00a0Donald Trump will be speaking today at the UN General Assembly, with all eyes on his comments about Gaza, Iran, Ukraine, Venezuela and the future of the multilateral body.\u00a0Also in today\u2019s newsletter, we\u2019re covering:<\/p>\n

Scott Bessent\u2019s push for an Argentine financial rescue<\/p>\n

Supreme Court\u2019s looming ruling on Lisa Cook<\/p>\n

FT\u2019s editorial board weighs in on countries recognising Palestinian statehood<\/p>\n

Trump will be holding talks with Javier Milei, the president of Argentina, as the US considers a massive market intervention to help boost investor confidence in a crucial Latin American ally.\u00a0<\/p>\n

Scott Bessent, who will join Trump for the meeting with Milei, spoke to reporters yesterday about Washington\u2019s thinking on the Argentine crisis. Although the Treasury secretary would not say exactly how the US would intervene, he said any American action would be \u201clarge and forceful\u201d<\/a> \u2014 comparing it to Mario Draghi\u2019s famous pledge to do \u201cwhatever it takes\u201d to save the euro when he was president of the European Central Bank.\u00a0<\/p>\n

Bessent said he had discussed the plan to help Argentina with IMF managing director Kristalina Georgieva and finance ministers from other countries, but did not specify which. He insisted that exposure on Wall Street to potential losses in Argentina was not a factor in the decision to pledge\u00a0financial assistance to Milei.\u00a0<\/p>\n

Bessent also stressed that there would be no new conditions to any American economic intervention to help Argentina. But he said it was vital for the US to come to the rescue of a country that had followed many of its policy prescriptions and was aligned with its values (Milei was one of a few foreign leaders to attend Trump\u2019s second inauguration in January).\u00a0<\/p>\n

The Treasury secretary also suggested he was not especially worried about financial turmoil spreading from Argentina to other emerging markets.\u00a0<\/p>\n

\u201cI don\u2019t see a danger of financial contagion. What I see a danger of is another lost generation,\u201d Bessent said.\u00a0<\/p>\n

Speaking to reporters, Bessent was not willing to concede that Milei had made any blunders in his economic management, but said the country would be facing a worse predicament with a different government.\u00a0<\/p>\n

\u201cI don\u2019t think there are necessarily mistakes that were made.\u00a0Markets overshoot and move in and out of equilibrium,\u201d he said. \u201cThe alternative to the Milei government is dire. With the exception of the Macri government, the previous two decades were a disaster for the Argentine economy and the Argentine people.\u201d <\/p>\n

Do you have any thoughts on US politics? FT journalists will take your hardest questions and answer them on the Swamp Notes podcast, our show about the intersection of money and power in Washington. Send them to our producer, Henry, at henry.larson@ft.com<\/a>.<\/p>\n

The latest headlines<\/p>\n

Jimmy Kimmel\u2019s television show returns to the air<\/a> tonight, less than a week after the Disney-owned ABC network suspended him \u201cindefinitely\u201d over remarks about Charlie Kirk.<\/p>\n

The US Food and Drug Administration has said it will add a warning to the label of painkiller paracetamol, citing unproven links to autism, as Trump urged pregnant women not to take the drug<\/a>.<\/p>\n

The Federal Reserve has scope to cut its key interest rate another three times<\/a> despite above-target inflation, the OECD said in its interim economic outlook, as it predicted a slowdown in the US economy and labour market.<\/p>\n

How does Trump\u2019s immigration crackdown rattle a small town? Guy Chazan wrote a dispatch on an ICE raid of a construction site<\/a> in Bethlehem, Pennsylvania, which led to 17 arrests.<\/p>\n

Oracle will have oversight and provide security for a US version of TikTok\u2019s algorithm, as part of a deal orchestrated by Trump to force a divestiture of the American arm<\/a> of the Chinese-owned viral video app.<\/p>\n

US employers are facing a $14bn annual bill<\/a> for hiring skilled foreign workers after Trump slapped a $100,000 fee on the cost of securing a visa for new employees to enter the country.<\/p>\n

What we\u2019re hearing<\/p>\n

Jay Powell was able to use all of his consensus-building skills last week to shepherd the Federal Reserve to approve the first interest rate cut<\/a> of Trump\u2019s second presidency. The decision was justified on economic grounds \u2014 given the recent weakening of the US labour market \u2014 and drew only one predictable dissent from Stephen Miran, a Fed governor and chair of the White House Council of Economic Advisers. <\/p>\n

But the Fed\u2019s independence remains very much in limbo. Trump is trying to fire Lisa Cook, a governor nominated to the board of the central bank by former president Joe Biden. While federal courts have so far barred him from succeeding, the case is heading for the Supreme Court where the outcome is unclear. <\/p>\n

If the Supreme Court allows for Cook\u2019s removal, even temporarily, it will give the president the green light to begin picking off the central bank\u2019s most senior officials one by one, escalating his campaign against the Fed<\/a>. <\/p>\n

\u201cIn many ways, this decision is for all the marbles,\u201d said Lev Menand, professor at Columbia Law School.\u00a0<\/p>\n

Meanwhile, Trump\u2019s search for a new Fed chair continues. Speaking to reporters on Monday, Bessent said the interview period for the initial slate of top candidates \u2014 11 people \u2014 was set to be over by the end of next week. At that point, the shortlist is expected to be narrowed. But a final decision by Trump still seems a way off as Powell\u2019s term does not end until May 2026.\u00a0<\/p>\n

Viewpoints<\/p>\n

After the Kirk murder, Trump is pulverising the country\u2019s founding principles with astonishing ease<\/a>, writes Edward Luce.<\/p>\n

The FT\u2019s editorial board backs moves by the UK, Canada and other countries to recognise the Palestinian state, calling it a \u201clandmark moment\u201d<\/a> even if it will not hasten an end to the catastrophic war.<\/p>\n

Uncertainty over the US response is emboldening Russia to test Nato\u2019s limits, including the recent air incursion in the Baltics, Gideon Rachman argues<\/a>. <\/p>\n

An Italian cheese maker is trying to neutralise Trump\u2019s tariffs by taking its case to the New York Jets stadium<\/a>, our Rome bureau chief Amy Kazmin writes.\u00a0<\/p>\n

Speaking of New York, politicians weren\u2019t supposed to hail from the Big Apple anymore. They were expected to rise from America\u2019s south like Bill Clinton, the heartland like Barack Obama, or the west like Mitt Romney and John McCain. Then came Donald Trump, AOC, and Zohran Mamdani<\/a>, writes Richard Florida, a visiting professor at Vanderbilt University.\u00a0<\/p>\n

America\u2019s public school system is under attack from Donald Trump, but it may survive the pressure<\/a>, writes Rana Foroohar.\u00a0<\/p>\n

Recommended newsletters for you<\/p>\n

FT Exclusive \u2014 Be the first to see exclusive FT scoops, features, analysis and investigations. Sign up here<\/a><\/p>\n

US Top Stories \u2014 The latest US top stories, from markets to geopolitics. Sign up here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"This is an on-site version of the White House Watch newsletter. You can read the previous edition\u00a0here. Sign…\n","protected":false},"author":2,"featured_media":33862,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-33861","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/33861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=33861"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/33861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/33862"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=33861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=33861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=33861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}