Global bank chiefs show ‘solidarity’ with Fed chair Powell

TRUMP PUSHES, POWELL HOLDS

- MARK SCHROERS, SWATI PANDEY & JANA RANDOW

GLOBAL CENTRAL BANKERS threw their support behind Chairman Jerome Powell after the Trump administration ratcheted up its already unprecedented pressure campaign against the Federal Reserve.

Reacting to the threat of criminal charges being leveled at the US monetary authority, central bank chief including those at the European Central Bank, Bank of England and the Bank of Canada said they “stand in full solidarity” with the Fed and Powell.

Powell himself has also adopted a combative tone in recent days, accusing Donald Trump of seeking to wrest control over monetary policy after the president spent months complaining interest rates are too high.

“The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve,’ the central bankers said Tuesday in a statement.“It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability.”