Global central banks offer ‘full solidarity' to US Fed's Powell amid Trump threats

Central Bank Independence - Global central banks have issued a joint statement expressing "full solidarity" with US Federal Reserve chair Jerome Powell, emphasizing the importance of central bank independence for economic stability [1][2] - The statement was signed by nine central bank governors, including those from the Bank of England and the European Central Bank, coordinated by the Bank for International Settlements [3] Support for Jerome Powell - The signatories praised Powell's "integrity" and commitment to the public interest, highlighting his respected status among colleagues [4] - Powell has faced criticism from President Trump for not cutting interest rates quickly enough, leading to tensions between the two [4][5] Legal Threats and Investigations - Powell stated that he is facing potential criminal indictment from the US Department of Justice, which he described as an unprecedented action related to monetary policy pressures from the administration [5][6] - The investigation is reportedly linked to allegations of "abuse of taxpayer dollars" concerning renovations at the Fed's headquarters [8] Political Reactions - Some Republican lawmakers have expressed concern over the legal actions against Powell, with Senator Thom Tillis stating he would not confirm any Fed nominee until the legal matter is resolved [9] - Former Fed chairs have condemned the threats against Powell, warning of potentially negative consequences for monetary policy and economic stability [9][10]