Top central bankers express 'full solidarity' with Fed Chair Powell in clash with Trump

3 weeks ago 10

DAVID McHUGH

Tue, January 13, 2026 astatine 5:12 AM CST 2 min read

FRANKFURT, Germany (AP) — Eleven cardinal bankers from astir the satellite said Tuesday they “stand successful afloat solidarity” with U.S. Federal Reserve Chair Jerome Powell, aft President Donald Trump dramatically escalated his confrontation with the Fed with the Justice Department investigating and threatening transgression charges.

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Powell “has served with integrity, focused connected his mandate and an unwavering committedness to the nationalist interest," work the connection from cardinal slope heads including European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey.

They added that “the independency of cardinal banks is simply a cornerstone of price, fiscal and economical stableness successful the involvement of the citizens that we serve. It is truthful captious to sphere that independence, with afloat respect for the regularisation of instrumentality and antiauthoritarian accountability."

The quality is ostensibly astir Powell’s grounds to Congress successful June implicit the outgo of a monolithic renovation of Fed buildings. But successful a connection Sunday, Powell, abandoning his erstwhile effort to disregard Trump’s relentless criticism, called the administration’s menace of transgression charges “pretexts’’ successful the president’s run to prehend power of U.S. involvement complaint argumentation from the Fed’s technocrats.

Trump has repeatedly criticized Powell and the Fed for not moving faster to chopped rates. Economists pass that a politicized Fed that caves successful to the president’s demands volition harm its credibility arsenic an ostentation combatant and apt pb investors to request higher rates earlier investing successful U.S. Treasurys.

Other signers of the connection were Erik Thedeen, politician of Sweden's cardinal bank; Christian Kettel Thomsen, seat of Denmark's cardinal bank; Swiss National Bank Chair Martin Schlegel; Michele Bullock, politician of the Reserve Bank of Australia; Tiff Macklem, politician of the Bank of Canada; Bank of Korea Governor Chang Yong Rhee; Gabriel Galipolo, politician of the Banco Central bash Brasil; François Villeroy de Galhau, committee seat of the Bank for International Settlements, and Pablo Hernández de Cos, wide manager of the Bank for International Settlements.