Tue, 13 Jan 2026

Tue, 13 Jan 2026 World central bank chiefs 'stand in solidarity' with US Fed chair Powell

Eleven central banks have backed Jerome Powell after the US launched a criminal investigation into the US Fed.

* Central banks across the world have expressed "full solidarity" with Jerome Powell, Chairman of the Federal Reserve.
* 11 senior bankers from the Bank of England, European Central Bank, and Bank of Canada signed a joint statement highlighting the importance of independence in setting interest rates.
* The statement praised Powell's commitment to public interest and described him as a "respected colleague".
* The investigation by the Department of Justice is linked to testimony given by Powell about renovations to Federal Reserve buildings.
* President Donald Trump has denied any knowledge of the investigation, but has previously attacked Powell personally and called for lower borrowing costs.
* Global central bankers warned that the independence of the US central bank is at stake if it becomes subject to "political pressure or intimidation".
* The statement also emphasized the importance of preserving the independence of central banks in maintaining price, financial, and economic stability.
* Several Republican senators have spoken out against the Department of Justice's move against Powell, with one senator saying he would oppose any nomination of a new Fed chair until the matter is "fully resolved".
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