Global central bankers are standing shoulder to shoulder with Federal Reserve Chairman Jerome Powell, who is facing unprecedented pressure from Donald Trump’s administration.

In a statement today reacting to the threat of criminal criminal charges against the Fed, chiefs of institutions including the European Central Bank, Bank of England and the Bank of Canada said they “stand in full solidarity” with the Fed and Powell. It was a rare coordinated response that underscored growing alarm about the US central bank’s independence in the Trump era.

Trump continued to lash out at Powell today in comments to reporters as he departed the White House for an economic speech in Detroit.

Powell himself has taken a combative stance, saying grand jury subpoenas from the Justice Department threatening a criminal indictment “should be seen in the broader context of the administration’s threats and ongoing pressure.”

The defense of Powell is the latest example of a deepening rift between European and US authorities. Greenland’s Premier Jens-Frederik Nielsen today rebuffed Trump’s threats to take over the island, saying the Danish territory doesn’t want to be part of the US. Teresa Ribera, executive vice-president of the European Commission, also condemned the US approach. —

What You Need to Know Today
Trump urged Iranian protesters to continue anti-government demonstrations following a deadly crackdown. “KEEP PROTESTING - TAKE OVER YOUR INSTITUTIONS!!!” Trump posted on Truth Social today, saying he’d canceled all meetings with Iranian officials until the killing of demonstrators stops. Earlier, German Chancellor Friedrich Merz became the first G7 leader to predict the Iranian regime’s downfall amid nationwide protests.