Argentina, Javier Milei
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Argentina's government bonds surged after President Javier Milei's party had an unexpectedly strong showing in Argentina's midterm elections. The yield on a U.S. dollar-denominated government bond maturing in 2046 fell to 7.
Investors are betting that Argentina will sharply devalue its currency after midterm elections this weekend, despite the US’s $40bn rescue package for President Javier Milei.