Global central banks offer ‘full solidarity’ to US Fed’s Powell amid Trump threats
AI Summary
In an unprecedented move, several global central banks issued a joint statement expressing "full solidarity" with US Federal Reserve Chair Jerome Powell amid perceived threats to his independence from the Trump administration. The statement, coordinated by the Bank for International Settlements and signed by central bank governors from countries including the UK, Europe, Australia, and Canada, emphasized the importance of central bank independence for economic stability. This show of support follows escalating tensions between Powell and President Trump, who has repeatedly criticized the Fed's interest rate policies. The situation intensified after Powell claimed he was being prosecuted by the Justice Department due to the Fed's monetary policy decisions, though Trump denies involvement. The Justice Department claims the case relates to "abuse of taxpayer dollars". Powell is expected to step down in May.
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