Global Central Banks Rally Behind Jerome Powell Amid Investigation

Central bank officials worldwide are preparing a statement in support of Federal Reserve Chair Jerome Powell, following a criminal investigation initiated by the Trump administration. The statement, possibly issued under the Bank for International Settlements, comes amid widespread criticism of the investigation's intentions.

Global central bank officials are preparing to issue a statement expressing support for Federal Reserve Chair Jerome Powell, Bloomberg News reported. This move follows the Trump administration's initiation of a criminal investigation into Powell.

The statement is expected to be released under the Bank for International Settlements (BIS), a central bank umbrella body. According to Bloomberg, it could be available for signing by all central banks as early as Tuesday.

The investigation, related to Powell's comments on a costly renovation project, has been met with criticism from former Federal Reserve leaders and members of Trump's Republican Party. Powell labeled the investigation a political tactic to influence interest rates.