Global central bank chiefs rally behind Fed chair Powell after Trump threat

Central bank chiefs from around the world lined up in support of Federal Reserve Chair Jerome Powell on Tuesday, issuing an unprecedented statement of solidarity after the Trump administration threatened him with a criminal indictment.

- AGENCIES

Powell has been threatened with a probe over Congressional testimony he gave last summer about the renovation of the Fed’s headquarters, which he has called a “pretext” to win presidential influence over interest rates.

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said that the US Justice Department’s attacks on the Fed have the potential to undermine the independence of the central bank and possibly boost borrowing costs.

“Everyone we know believes in Fed independence,”