Photo: Juan Mabromata/AFP/Getty Images

Argentina's central bank raised interest rates Thursday from 45% to 60%, as the peso continues its free fall against the dollar amid high inflation, a looming recession and news that the Argentine government has requested an early release of IMF bailout funds.

The big picture: Argentina is Latin America's third-largest economy and one of several emerging markets that have been stricken by financial turmoil in recent months, after appearing to be on the road to recovery following years of massive inflation. Already down more than 45% on the year, the peso spiraled even further on news of the central bank's interest rate hike, sending waves of panic across other emerging markets, including Turkey, Brazil and South Africa.

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Illustration: Sarah Grillo/Axios

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Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

Of note: As Republicans applauded the action, Democratic leaders warned of consequences to the rush to replace the late liberal Justice Ruth Bader Ginsburg with a conservative so close to the election, as progressives led calls to expand the court.

Hurricane Zeta makes landfall in Mexico ahead of expected arrival in U.S.

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Hurricane Zeta made landfall on Mexico's Yucatan Peninsula as a Category 1 storm late Monday packing maximum sustained winds of 80 mph, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday as Zeta strengthened into a hurricane earlier Monday.