World Central Banks Back Powell, Warn Against Political Pressure on Fed

Global central bank leaders have voiced strong support for U.S. Federal Reserve Chair Jerome Powell, warning that political pressure on the Fed could threaten global financial stability.

In a joint statement released on Tuesday, governors from 11 major central banks said they stand «in full solidarity» with Powell and stressed the importance of central bank independence. The statement follows the launch of a criminal investigation in the US into a $2.5 bn renovation of the Fed’s headquarters, a move that has heightened tensions between the Federal Reserve and the Trump administration.

Among the signatories were European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Canada Governor Tiff Macklem, alongside central bank chiefs from several other major economies.

Crypto market participants said the standoff could fuel market volatility. Some analysts noted that political pressure on the Fed may weaken confidence in U.S. monetary policy, potentially increasing longer-term interest in assets such as Bitcoin and gold, even as short-term uncertainty weighs on risk markets.

Kursiv Uzbekistan also reports that the Center for Economic Research and Reforms (CERR) reports that Uzbekistan’s banking sector net profit surged 57.1% year-on-year to 13.5 trln soums ($1.1bn) in the fourth quarter of 2025.