Central Banks Are Preparing to Send a Strong Message with Powell

Expectation of a Joint Statement from Central Banks

Bank for International Settlements (BIS) is planning to issue a joint statement with the participation of all central banks. This statement is reported to potentially be made today, according to sources speaking to Bloomberg. BIS has not yet responded to requests for comments.

Full Support from the Bank of Canada for Powell

Bank of Canada Governor Tiff Macklem signaled slight relief, emphasizing that Fed Chairman Jerome Powell is performing exceptionally well in public service. Macklem stated, "Chairman Powell is doing an important job under challenging circumstances and is directing the Fed to make decisions based on evidence rather than political context."

Support Messages from the European Central Bank

Additionally, it has been reported that other central bank governors, including European Central Bank (ECB) President Christine Lagarde, have praised Powell while emphasizing the independence of monetary policy. This solidarity is an indication of central banks' efforts to unite in the face of uncertainties in the markets.