Global Central Bank Leaders Defend Jerome Powell After Trump Attack

Financial leaders from Switzerland, Brazil, Korea, the United Kingdom, and more are rallying around U.S. Federal Reserve Chair Jerome Powell after the Department of Justice served him with a grand jury subpoena.

“We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability,” the letter read. It was signed by presidents and governors of central banks in the U.K., Sweden, Switzerland, Norway, Australia, Canada, Korea, and Brazil.

President Trump has long attempted to pressure Powell’s decisions on interest rates, and the DOJ over the weekend announced a criminal investigation into the Federal Reserve chair. It’s a thinly veiled attack on Powell, so that Trump can have minimal resistance to whatever Federal Reserve nominations he wants to make and whatever economic numbers he wants (or doesn’t want) to put out.

“JUST OUT: Great (LOW!) Inflation numbers for the USA. That means that Jerome ‘Too Late’ Powell should cut interest rates, MEANINGFULLY!!!” Trump claimed Tuesday morning on Truth Social. “If he doesn’t he will just continue to be, ‘TOO LATE!’ ALSO OUT, GREAT GROWTH NUMBERS. Thank you MISTER TARIFF! President DJT.”

The international alarm this has caused only underscores the real dangers of a completely partisan Federal Reserve, and is perhaps the most dramatic development in Trump’s long mission to destroy any regulatory independence the Fed still has.

“Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest,” the letter from the international central bankers concluded. “To us, he is a respected colleague who is held in the highest regard by all who have worked with him.”