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Argentina targets $20 billion IMF deal as markets wobble

Argentina is targeting a $20 billion deal with the International Monetary Fund, Economy Minister Luis Caputo said on Thursday, formally putting a figure on the long-mooted program for the first time as he looks to calm local market jitters. A new program would be the country's 23rd with the IMF if approved, and is seen helping bolster the central bank's reserve levels, strengthening the government of libertarian Javier Milei and defusing debt repayment risks in the years ahead. "What we are looking for with this agreement is that people can rest assured that the pesos that exist are backed by the central bank," Caputo said.

US applications for unemployment benefits hold steady, remain in recent healthy range

U.S. applications for unemployment benefits held steady last week, a sign that the labor market remains healthy as companies continue to retain their employees. Jobless claim filings ticked down by 1,000 to 224,000 for the week ending March 22, the Labor Department said Thursday. Weekly applications for jobless benefits are considered a proxy for layoffs, and have remained mostly in a range between 200,000 and 250,000 for the past few years.

U.S. economy grew 2.4% in the 4th quarter after upgrade in final growth estimate

The U.S. economy expanded at a healthy annual 2.4% pace the final three months of 2024, supported by a year-end surge in consumer spending, the government said Thursday in a slight upgrade of its previous estimate of fourth-quarter growth. Growth in gross domestic product — the nation’s output of goods and services — decelerated from a 3.1% pace in July-September 2024, the Commerce Department said. Consumer spending rose at a 4% pace, up from 3.7% in third-quarter 2023.