Argentina plans new rate hike, more FX intervention as inflation soars  

Reuters was first to report that Argentina’s central bank would hike the benchmark interest rate 600 basis points to 97% after inflation overshot expectations in April to hit 109% on an annual basis. The latest huge hike, part of a package of emergency measures to rein in prices and bolster a weak local peso currency, was confirmed a day later by the South American country’s central bank.