U.S. Treasury Secretary Scott Bessent reiterated support for Argentina’s Javier Milei on Thursday, but warned that the aid doesn’t involve outright US investment, pushing bonds between gains and losses in a roller-coaster morning session.

Bessent wrote on X early Thursday that the US would do “what is necessary” to help Argentina, triggering a surge in the bonds. A little later, he told CNBC that this didn’t mean putting money into the country, a caveat that sent the notes back down again. They are now edging lower.

The U.S. had previously outlined at least three possible options to help the South American nation, including a $20 billion swap line, the repurchase of Argentine debt and direct currency purchases. Bessent’s comments on Thursday seem to have narrowed it down.

“We’re givin

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