World central bank chiefs 'stand in solidarity' with US Fed chair Powell

Global central bank chiefs from institutions like the Bank of England and the European Central Bank have issued a joint statement expressing solidarity with US Federal Reserve Chair Jerome Powell. This comes after the US Department of Justice launched a criminal investigation into Powell related to his testimony on Federal Reserve building renovations. The investigation follows a year of public criticism and personal attacks from President Trump regarding Powell's interest rate decisions. The central bankers' statement emphasizes the importance of central bank independence for economic stability, while Powell himself has warned that political pressure threatens the Fed's ability to set monetary policy based on economic conditions. With Powell set to step down in May, a Republican senator has vowed to oppose Trump's nominee for a replacement until the matter is resolved.

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