Unwavering Support for Federal Reserve Chair Amid Political Pressure

Global central bank leaders and top Wall Street CEOs are rallying behind Federal Reserve Chair Jerome Powell. The move follows the Trump administration's threats and a Justice Department probe, which Powell claims are intended to pressure the Fed over interest rate decisions.

In an unprecedented show of unity, global central bank leaders and Wall Street CEOs have rallied in support of Federal Reserve Chair Jerome Powell. This collective solidarity follows the Trump administration's threats of criminal indictment, which Powell describes as efforts to intimidate and influence the Fed's interest rate decisions.

The U.S. central bank, under Powell's leadership, received subpoenas concerning a $2.5 billion renovation of its headquarters. Powell argues the investigation is a pretext to pressure the bank into lowering interest rates, a long-standing demand of President Trump. Echoing this stance, JPMorgan CEO Jamie Dimon remarked that the move could backfire, potentially raising inflation and interest rates.

Central bank chiefs from Europe, Canada, and elsewhere underscored the importance of an independent Fed, vital to maintaining global financial and economic stability. They warned that political interference could erode trust and lead to increased volatility, both domestically and internationally.

(With inputs from agencies.)