The independence of central banks, which allows policymakers to
operate free from political meddling, is considered sacrosanct by
investors and economists.
By Eshe Nelson
Reporting from London
July 17, 2025, 11:07 a.m. ET
Christine Lagarde, the president of the European Central Bank, at a
recent conference described Jerome H. Powell, the chair of the Federal Reserve, as “the standard of the courageous central banker.â€
The room was filled with central bank officials from around the world,
who stood to applaud in a public outburst of support for a fellow
central banker under relentless assault by President Trump.
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