While Javier Milei’s government works to hold its fiscal surplus and build up Central Bank reserves in order to improve its standing in international debt markets, a new obstacle has emerged abroad in recent days: the United States itself.
The speech Federal Reserve Chair Kevin Warsh delivered on Friday at the Jackson Hole conference sent markets back on themselves.
It put a rate hike — the first since 2023 — back on the table as the most likely outcome of the Fed’s next meeting, scheduled for September 15 and 16 at the U.S. central bank’s headquarters.
According to CME Group’s FedWatch tool, markets are pricing in a 68% chance that the Fed raises rates by 25 basis points at that meeting.
On top of that came Tuesday’s rebound in global oil prices, driven by the resumption of hostilities between the U.S. and Iran.
