👀 💵Remember the fuss about Bessent conducting an ESF-funded fx swap exchange to support the Argentinian peso back in October 2025? We now have the details of those transactions via the quarterly reporting Congress requires for Treasury’s Exchange Stabilization Fund operations. They were published on Feb 12. The key insight is that the Treasury didn’t just support the peso via spot FX — it also intervened in Argentina’s “blue-chip swap” market, effectively stepping into the country’s parallel dollar market created by capital controls. Also, only $2.5B of the $20B facility was actually drawn, and it was repaid within ~3 months. Worth remembering, at the time, Treasury Secretary Scott Bessent said the operation would not lose money and later said it did generate a profit for the U.S. Treasury. Unfortunately, the documents do not disclose the exchange rates at which the transactions were executed. Link below (H/T RM)