(Bloomberg) -- Argentina’s main stock index, the S&P Merval, has soared 42% in dollar terms since President Javier Milei took office on Dec. 10, hitting a six-year high on Monday. The rally is a sign that the administration’s attempts to eliminate the budget deficit, control inflation and shore up the peso are winning over skeptical investors. However, it may also have a more prosaic reason — interest rate cuts have made leaving money in the bank or fixed income assets an ever less attractive proposition.

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