Trump vs. Powell: Criminal Probe Threatens US Economy, Global Central Banks Unite

• An open conflict has erupted between President Donald Trump and Federal Reserve Chair Jerome Powell, leading to a criminal investigation against Powell.
• The investigation, initiated by the Trump administration, centers on alleged mismanagement and fraud in the Federal Reserve's Washington headquarters renovation project.
• Powell asserts the probe is a pretext, claiming the real motive is his refusal to cut interest rates as desired by Trump, emphasizing the Fed's independence.
• Major central banks globally, including the European Central Bank and Bank of England, have issued a joint statement supporting Powell and central bank independence.
• The investigation is seen as a political move that could backfire on Trump, potentially causing Powell to delay rate cuts and impacting the US economy.

Why It Matters: Trump's criminal probe against Fed Chair Powell sparks global concern over central bank independence and US economic stability.