Global Central Bankers Rally Around Fed Chair Powell Amid Criminal Investigation
The New York Times • • business
Key Points:
- A dozen central bankers worldwide, including leaders from the European Central Bank, Bank of England, Bank of Canada, and Bank of Korea, publicly defended Federal Reserve Chair Jerome H. Powell against attacks from the Trump administration.
- The statement emphasized the importance of central bank independence as essential for price, financial, and economic stability, praising Powell’s commitment to public service.
- The defense comes amid a U.S. federal criminal investigation into Powell regarding the Fed’s Washington headquarters renovation and allegations he misled Congress, following pressure from President Trump to cut interest rates.
- Central bankers typically avoid political commentary, making this rare show of solidarity notable, especially given the global influence of the U.S. dollar and the Fed’s interest rate decisions.
