Bank of Canada's Macklem backs Fed chair Powell amid DOJ probe

Bank of Canada governor Tiff Macklem defended U.S. Federal Reserve chair Jerome Powell after Powell said the U.S. Department of Justice subpoenaed the Fed amid a criminal inquiry.

Bank of Canada governor Tiff Macklem publicly defended U.S. Federal Reserve chair Jerome Powell. Powell said the U.S. Department of Justice subpoenaed the Federal Reserve on Friday. Powell linked the subpoena to disagreements over interest rate decisions and alleged it followed policymakers declining to lower rates at the request of President Donald Trump. Known details: - Tiff Macklem publicly defended Jerome Powell. - Powell said the U.S. Department of Justice subpoenaed the Federal Reserve on Friday. - Powell said the subpoena was linked to disputes over interest rate decisions and alleged it was a response to officials declining to lower rates at President Trump's request. - No specific next legal or procedural step was reported. Summary: The public exchange brings attention to the independence of central banks and the possible legal scrutiny of monetary policymakers. Undetermined at this time.