The world's most powerful central bankers are rallying behind Jerome Powell

"Central bankers worry political meddling erodes trust in the Fed's inflation-fighting and economy-stoking credibility. The U.S. is the world's largest economy, and its economic woes can quickly become everyone else's problems. What they're saying: "We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell," the global central bankers' statement reads. "The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve.""

"Catch up quick: The Justice Department served the Fed with grand jury subpoenas Friday over cost overruns with the central bank's headquarters renovation. Powell released an extraordinary Sunday video statement calling the investigation a "pretext" to pressure the Fed into cutting interest rates faster. Trump wants the federal funds rates slashed to 1%. The Fed has them at 3.5%-3.75% after cutting 0.75 percentage points since September."

Global central bankers expressed full solidarity with the Federal Reserve System and Chair Jerome H. Powell and emphasized that central bank independence is a cornerstone of price, financial and economic stability for citizens. Signatories included heads of the ECB and central banks of England, Canada, Sweden, Denmark, Norway, Switzerland, Australia, South Korea and Brazil; the Bank of Japan did not sign. The Justice Department served the Fed with grand jury subpoenas over renovation cost overruns. Powell called the investigation a "pretext" to pressure the Fed to cut rates faster. The Fed's funds rate stands at 3.5%-3.75% after cuts; calls for deeper cuts risk raising inflation. Congressional and Supreme Court actions could affect leadership confirmations and removal powers.

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