The heads of ten major central banks, including the European Central Bank and the Bank of England, expressed strong support for U.S. Federal Reserve Chairman Jerome Powell, emphasizing the importance of central bank independence amid increasing pressure from the Trump administration to lower interest rates. This comes as U.S. prosecutors have launched an inquiry into Powell concerning building renovation costs, which he claims is politically motivated. Powell has stated that the investigation is a facade for the administration’s attempts to influence interest rate decisions. The situation has garnered condemnation from former Fed chairs, Treasury secretaries, and bipartisan members of Congress.
Loading PerspectiveSplit analysis...
