Global central bankers defend Fed Chair Jerome Powell
US Federal Reserve Chairman Jerome Powell at a press conference following the Federal Open Market Committee (FOMC) meeting in Washington DC on Wednesday, December 10, 2025.
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Global central bankers on Tuesday issued a statement defending US Federal Reserve Chairman Jerome Powell following the launch of a criminal investigation into the central bank chief.
Central bank governors, including European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey, said, “We stand in full solidarity with the Federal Reserve System and its Governor Jerome H. Powell.” joint statement.
“The independence of central banks is the cornerstone of price, financial and economic stability in the interest of the citizens we serve. It is therefore critical to preserve this independence with full respect for the rule of law and democratic accountability.” they added.
The statement said Powell served “with integrity, focus on duty, and an unwavering commitment to the public interest.”
“To us, he is a respected colleague who is held in the highest regard by everyone who works with him.”
Other signatories of the declaration included the central bank governors of Brazil, Switzerland, Sweden, Denmark, South Korea, Australia and Canada.
The message of solidarity with Powell came after the Fed chair issued a statement Sunday evening confirming that federal prosecutors had opened a criminal investigation into the $2.5 billion renovation of the central bank’s headquarters in Washington, D.C., and related testimony to Congress.
Powell, who has been under constant pressure from US President Donald Trump to lower interest rates, said the investigation was the result of the president’s frustration with cutting interest rates as quickly and as much as he wanted.
“The threat of criminal charges is a result of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the President’s preferences,” Powell said. video notification Tweeted by Fed’s X account.
Powell warned that the outcome of the investigation would determine the future of the central bank’s decisions.
“This is about whether the Fed can continue to set interest rates based on evidence and economic conditions, or whether monetary policy will instead be guided through political pressure or intimidation,” Powell said.
— CNBC’s Dan Mangan contributed to this story.
