The U.S. will not lose money on its massive bailout of Argentina, Treasury Secretary Scott Bessent said Sunday, despite the continued weakening of the Argentine currency.

Why it matters: American intervention in Argentina's economy so far hasn't paid off, with the peso falling to record lows despite unprecedented levels of support.

The big picture: The U.S. has gone all-in on President Javier Milei, who faces crucial midterm elections Sunday that are effectively a referendum on his inflation-slashing economic policies. • But Milei's grip on power has weakened in recent months, throwing his economy's stability into question.

Driving the news: In order to rescue Milei, the U.S. pledged a $20 billion currency swap with the Argentine central bank, the largest American bailout of another c

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