Jerome Powell, chairman of the U.S. Federal Reserve, throughout a information convention following a Federal Open Market Committee (FOMC) assembly in Washington, DC, on Wednesday, Dec. 10, 2025.
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International central bankers issued an announcement Tuesday defending U.S. Federal Reserve Chair Jerome Powell following the launch of a felony investigation into the central financial institution chief.
“We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell,” central financial institution chiefs together with European Central Financial institution President Christine Lagarde and Financial institution of England Governor Andrew Bailey, stated in a joint assertion.
“The independence of central banks is a cornerstone of value, monetary and financial stability within the curiosity of the residents that we serve. It’s subsequently important to protect that independence, with full respect for the rule of legislation and democratic accountability,” they added.
Powell has served with “integrity, centered on his mandate and an unwavering dedication to the general public curiosity,” the assertion stated.
“To us, he’s a revered colleague who’s held within the highest regard by all who’ve labored with him.”
Different signatories to the assertion included the central financial institution chiefs of Brazil, Switzerland, Sweden, Denmark, South Korea, Australia, and Canada.
The message of solidarity with Powell comes after the Fed chief issued an announcement on Sunday night confirming that federal prosecutors had launched a felony investigation into the $2.5 billion renovation of the central financial institution’s headquarters in Washington, D.C., and his associated testimony to Congress.
Powell, who has come below sustained stress from U.S. President Donald Trump to decrease rates of interest, stated the probe was the results of the president’s frustration to chop charges as rapidly and as a lot as he wished.
“The specter of felony expenses is a consequence of the Federal Reserve setting rates of interest based mostly on our greatest evaluation of what is going to serve the general public, fairly than following the preferences of the President,” Powell stated in a video assertion tweeted by the Fed’s X account.
Powell warned that the end result of the investigation will decide the way forward for the central financial institution’s selections.
“That is about whether or not the Fed will be capable of proceed to set rates of interest based mostly on proof and financial situations — or whether or not as a substitute financial coverage will probably be directed by political stress or intimidation,” Powell stated.
— CNBC’s Dan Mangan contributed reporting to this story.
