Global Central Banks Unite Amid Jerome Powell DOJ Investigation 2026
Global central bank leaders stand in solidarity with Fed Chair Jerome Powell amid a DOJ criminal investigation. Analysis of the 2026 political pressure on the Federal Reserve.
The gloves are off in the battle for institutional autonomy. Global central bank chiefs have declared "full solidarity" with Federal Reserve Chair Jerome Powell after the US Department of Justice (DOJ) launched an unprecedented criminal probe into his conduct.
Jerome Powell DOJ Investigation 2026: A Global Stance
On Tuesday, a group of 11 senior bankers, including heads of the Bank of England and the European Central Bank, issued a joint statement emphasizing that independence in setting interest rates is the cornerstone of economic stability. They praised Powell for his integrity and unwavering commitment to the public interest, directly countering the narrative driving the investigation.
Political Pressure vs. Monetary Policy
The standoff follows relentless attacks from President Donald Trump, who has publicly called Powell a "major loser" and a "numbskull" over interest rate decisions. While Trump claims he doesn't "know anything" about the DOJ's move, Powell warned on Sunday that the independence of the US Federal Reserve is at stake, questioning whether policy will be directed by "political pressure or intimidation."
You have a president that says the Fed should be cutting rates to lower rate payments on the federal debt… It is the road to banana republic.
Support for Powell isn't just international. Former Fed chairs Janet Yellen, Ben Bernanke, and Alan Greenspan have all publicly backed him. In Congress, Republican Senator Thom Tillis vowed to block any nomination for Powell's replacement until the matter is resolved. Powell is scheduled to step down in May 2026.
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