Former US Fed Chairs Slam Trump's 'Unprecedented' Attack on Powell

• Former US Fed chairs and policymakers condemned the Trump administration's 'unprecedented' assault on Fed Chair Jerome Powell.
• A rare joint statement by Janet Yellen, Ben Bernanke, and Alan Greenspan warned of a criminal probe undermining the central bank's independence.
• They likened the inquiry to political interference in emerging markets, cautioning against higher inflation and impaired economic functioning.
• The officials emphasized that Fed independence is crucial for stable prices, maximum employment, and moderate long-term interest rates.
• Politicizing monetary policy erodes the rule of law and institutional credibility, with lasting consequences for financial stability.

Why It Matters: Former Fed chairs united to denounce Trump's criminal probe into Powell, warning it threatens central bank independence.