Luis Caputo lowered the rate and savers point to banks and the dollar. And the question is what the anchor will be with inflation at 13.2%, the interest rate at 6.6% and the official rate rising to 2%.

The drop in the fixed-term rate and the decline in the dollar is presented as a textbook result in Argentina. But the search for arguments is insufficient to explain the move in the face of an equation of three economic variables that remain in a false square.