Name: Global central bankers defend Fed's Powell after Trump threat | REUTERS
Uploaded: 2026-01-13T17:05:26.000Z
Duration: 1 min 22 s
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Federal Reserve Chair Jerome Powell received major support on Tuesday.

The heads of many of the world's leading central banks issued a rare joint statement backing him.

It was in response to the Trump administration's threat of a criminal indictment for the Fed chair.

Powell is at the center of a US Administration criminal probe about the renovation of the Fed's headquarters.

He called it a pretext to win presidential influence over interest rates.

The heads of the European Central bank, the bank of England, the bank of Canada and eight other institutions all backed Powell.

They said he acted with integrity, they added.

Central bank independence was crucial for keeping prices and financial markets stable, the statement said.

We stand in full solidarity with the Federal Reserve System and its chair, Jerome h. Powell.

probe has already drawn criticism from the world of finance and some key members of Trump's Republican Party.

Central bankers fear political influence over the Fed could hurt trust in the bank's commitment to its inflation target.

This would lead to higher inflation and global financial market volatility.

The US Would likely export this higher inflation through financial markets.

That would make it more difficult for other central banks to keep prices stable.