The heads of major central banks have thrown their support behind the US Federal Reserve and its chairman Jerome Powell, saying in a joint statement Tuesday that it was “critical to preserve” their independence.
US prosecutors have opened an inquiry into Powell, prompting his rare rebuke against escalating pressure from President Donald Trump’s administration to lower interest rates.
“We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell,” said the statement signed by heads of the European Central Bank, the Bank of England and others including the central banks of Australia, Brazil and Canada.
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