Argentina’s financial markets roared back to life on Monday, staging their strongest rally in months after Washington pledged sweeping support for President Javier Milei’s government ahead of crucial midterm elections next month.

U.S. Treasury Secretary Scott Bessent signaled “all options” are being considered to stabilize Argentina’s fragile economy—from swap lines to direct dollar purchases—while emphasizing President Donald Trump’s confidence in Milei’s team. Bessent promised any U.S. action would be “large and forceful,” but said measures would come only after a high-profile meeting between Trump, Milei, and himself in New York.

The commitment provided exactly the circuit breaker investors had been waiting for. Argentine stocks surged—the U.S.-traded index jumped 14% and the local benchmark rose 7%, marking their biggest one-day gains in six months. International dollar bonds rallied more than 6 cents, and the peso strengthened after weeks of heavy pressure.

The rebound comes after a bruising stretch: bonds were down over 20% year-to-date, the peso had flirted with its weakest levels, and Milei’s administration was rattled by corruption allegations and a disappointing Buenos Aires election result.

Markets also welcomed the government’s announcement that it would scrap export taxes on grains until late October, a move aimed at unlocking much-needed dollar inflows.

Analysts drew parallels to Mario Draghi’s famous “whatever it takes” moment during Europe’s debt crisis. “Milei is getting the support to avoid a financial crisis ahead of the midterm election,” said AllianceBernstein’s Armando Armenta, noting the backing could smooth Argentina’s path through 2026.

Still, much depends on the October 26 midterm vote. A favorable result for Milei’s government could further calm investors, but any setback risks reigniting volatility in one of the world’s most unpredictable markets.