Image Credentials: Image Title: WALL OF SOLIDARITY: Global Central Bankers Defend Powell Against Trump Administration “Assault” Source: (sora.openai) Date: January 2026. Attribution: This image was created using AI-generated imagery (sora.openai) and does not depict a real-world scene.
By Open Chronicle Finance Desk with Agencies
WASHINGTON / BASEL — Tuesday, January 13, 2026 — In an unprecedented display of international unity, the world’s most powerful central bankers have issued a joint declaration of support for Federal Reserve Chair Jerome Powell. The move follows a dramatic escalation in hostilities between the Fed and the Trump administration, culminating in the issuance of grand jury subpoenas to the central bank by the Department of Justice (DOJ).
The letter, cosigned by the heads of 10 major global financial institutions, warns that the independence of the Federal Reserve, and by extension, global economic stability, is under a direct and “unprecedented” threat.
The joint statement was signed by a “who’s who” of global finance, including Christine Lagarde (European Central Bank), Andrew Bailey (Bank of England), and the chiefs of central banks from Canada, Australia, Brazil, South Korea, Switzerland, Sweden, and Denmark. The Bank for International Settlements (BIS) also added its weight to the document.
“The independence of central banks is a cornerstone of price, financial, and economic stability,” the letter stated. “Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest.”
The crisis reached a breaking point on Sunday when Powell revealed that the DOJ had served the Federal Reserve with grand jury subpoenas. While the specific nature of the investigation remains shielded by legal secrecy, it is widely viewed as a move to pressure the Fed into cutting interest rates, a policy President Trump has vocally demanded to fuel his economic agenda.
In a rare video statement released Sunday, Powell was defiant: “No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”
The global rally follows a similar surge of support from within the United States. On Monday, a separate statement was issued by a bipartisan group of economic heavyweights, including:
-
All three living former Fed Chairs (Bernanke, Yellen, and Volcker’s successors).
-
Five former Treasury Secretaries.
This group described the DOJ investigation as a “prosecutorial attack” designed to undermine the very foundation of the American economy. “It has no place in the United States,” the statement added, “whose greatest strength is the rule of law.”
The Global Coalition for Fed Independence
| Region/Institution | Key Signatory | Core Message |
| European Central Bank | Christine Lagarde | Central bank independence is critical for the citizens we serve. |
| Bank of England | Andrew Bailey | Standing in “full solidarity” with the Federal Reserve System. |
| BIS | General Manager | Preserving the rule of law and democratic accountability. |
| Former US Officials | Bipartisan Group | Investigation is an “unprecedented attempt” to undermine the Fed. |
The serving of subpoenas to a sitting Fed Chair marks a historic low in White House-Federal Reserve relations. By rallying around Powell, global central bankers are sending a clear message to markets: they view the independence of the world’s reserve currency issuer as a non-negotiable red line. The standoff now moves to the courts, where the Fed is expected to challenge the DOJ’s reach.