OTTAWA – Bank of Canada governor Tiff Macklem is among a group of central bankers from around the world backing U.S. Federal Reserve chair Jerome Powell, who is facing a criminal investigation from President Donald Trump’s justice department.
A statement by the group, which includes European Central Bank president Christine Lagarde and Bank of England governor Andrew Bailey, says they stand in “full solidarity” with Powell who they call a respected colleague.
It says the independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that they serve.
Trump has repeatedly criticized Powell for not cutting interest rates faster.
Powell said Sunday the U.S. Department of Justice had subpoenaed the Fed late last week in connection with testimony he gave to the Senate in June about a renovation project to Federal Reserve buildings in Washington, D.C.
He alleged the threatened criminal indictment was a response to independent monetary policymakers in the U.S. refusing to lower interest rates per Trump’s wishes.
This report by The Canadian Press was first published Jan. 13, 2026.
