The heads of the world’s major central banks have expressed their full support for the US Federal Reserve and its chairman, Jerome Powell, saying it is vital to protect the institution’s independence.
In a joint statement issued on Tuesday, the central bank leaders said it was “critical to preserve” the independence of the Federal Reserve and other monetary authorities in order to ensure financial stability and effective economic management.
The statement comes amid growing political pressure on the Fed over its interest rate policies and its handling of inflation and economic growth.
The central bank chiefs said that independent monetary policy allows central banks to make decisions based on economic conditions rather than political considerations, which helps maintain investor confidence and market stability.
They did not refer to any specific political figures, but the show of unity was seen as a clear message in defence of the Fed and Powell’s leadership.
The Federal Reserve plays a central role in shaping global financial conditions, and any threat to its independence could have wide-ranging economic consequences, analysts say.
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