Global Major Central Bank Governors Express Support for US Fed and Powell
Frankfurt. Following an escalation in the Trump administration’s confrontation with the US central bank (Fed), major central bank governors from around the world expressed their full support for the Fed and its chair, Jerome Powell, on Tuesday.
A statement published on the European Central Bank (ECB) website was endorsed by 11 major central bank heads and two senior officials from international financial institutions. Signatories include European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey, as well as their counterparts from Australia, Denmark, Canada, South Korea, and Brazil.
The central bankers stated, “The independence of central banks is a cornerstone of price, financial, and economic stability in the interest of the citizens we serve.” They emphasized that it is “critical to preserve that independence, with full respect for the rule of law and democratic accountability.”
By press time, the number of signatories had grown from an initial nine to thirteen.
Powell, who has served as Fed Chair since 2018, is set to see his current term expire in May 2026. Last weekend, it was reported that US federal prosecutors had launched a criminal investigation targeting Powell over the Fed’s multi-billion-dollar headquarters renovation project.
US President Donald Trump has repeatedly criticized Powell for not lowering interest rates and has threatened more than once to replace the Fed Chair.
On Monday, three former US Federal Reserve Chairs and ten other former top economic officials from the federal government also criticized the criminal probe against Powell, calling it “an unprecedented attempt to use prosecutorial actions to undermine the Federal Reserve’s independence.”
