Argentine President Javier Milei has hailed his party’s resounding victory in midterm congressional elections as a mandate to press forward with radical free-market reforms. Markets in Argentina rallied, the peso surged and the country’s sovereign bonds jumped on Monday in response. The chronically depreciating Argentine peso — which international investors and Argentine depositors were dumping in droves just last week to hedge against a Milei defeat — soared more than 10% to trade at over 1,300 per dollar on Monday. The price movements — signaling that investors were recovering confidence after Milei’s win — appeared to validate the Trump administration’s bet on its close ideological ally in South America.