STORY: Federal Reserve chair Jerome Powell received major support on Tuesday (January 13).
The heads of many of the world's leading central banks issued a rare joint statement backing him.
It was in response to the Trump administration's threat of a criminal indictment for the Fed chair.
Powell is at the centre of a U.S. administration criminal probe about the renovation of the Fed's headquarters.
He called it a 'pretext' to win presidential influence over interest rates.
The heads of the European Central Bank, the Bank of England, the Bank of Canada and eight other institutions all backed Powell.
They said he had acted with integrity.
They added central bank independence was crucial for keeping prices and financial markets stable.
The statement said, "We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell."
The U.S. probe has already drawn criticism from the world of finance, and some key members of Trump's Republican Party.
Central bankers fear political influence over the Fed would hurt trust in the bank's commitment to its inflation target.
This would lead to higher inflation and global financial market volatility.
The U.S. would likely export this higher inflation through financial markets since it is the world's top economy.
That would make it more difficult for other central banks to keep prices stable.
