Argentina’s President Milei reiterated the administration’s commitment to draining liquidity ahead of elections, with policy aimed at keeping real rates elevated. Short-term repo operations averaged 52%, while ARS Lecaps maturing before October traded above 60% YTM, equivalent to monthly yields above 4%. With inflation projected at 1.7%-1.8% per month, real monthly rates stood near 2.4%, implying ca. 33% annualized. Market volatility in short-term rates persisted, though the overall bias remained upward.