Global central bank chiefs to issue statement in support of Powell - report

(Sharecast News) - Global central bank officials are reportedly planning to release a coordinated statement of support for US ​Federal Reserve chair Jerome Powell on Tuesday after ‌the Trump administration threatened him with a criminal indictment. Reuters cited sources as saying that the statement, which is expected to contain the signatures of central bankers from around the world, ‌will back Powell and stress the need for ​independent central banking.

The statement, tweaked extensively over the ‍past day, is still in the works and it was unclear how many would initially sign it, but all would ⁠be welcome to join later, Reuters said.

On Sunday, the long-running row between Trump and Powell escalated when the Department of Justice opened a criminal investigation into the central banker. Powell said prosecutors had launched a criminal investigation into the $2.5bn renovation of the Federal Reserve's headquarters, and into his testimony about the project to the Senate banking committee in June last year.