Fed's Miran: Commentary of foreign central banks on Powell indictment threat not appropriate

• Miran stated central bankers should not involve themselves in non-monetary policy issues domestically, and especially not in other countries
• He characterized institutional resilience concerns as 'people writing things for clicks' and emphasized U.S. institutions are 'very, very strong'
• The controversy stems from a threatened criminal indictment against Powell that prompted international policymakers to write a letter of support

Market Summary: Fed's Miran Dismisses Foreign Central Bank Support for Powell

Key Developments

Federal Reserve Governor Stephen Miran publicly criticized foreign central banks for defending Fed Chair Jerome Powell following threats of criminal indictment. Speaking at an economic forum in Greece on Wednesday, January 14, 2026, Miran stated that central banker involvement in non-monetary policy issues is "inappropriate," particularly when commenting on other countries' affairs.

Main Points

Miran's comments come in response to a letter from European and other international policymakers expressing support for Powell amid concerns about central bank independence. The Fed Governor dismissed worries about U.S. institutional resilience as "people writing things for clicks," emphasizing that American institutions remain "very, very strong."

He stressed that policy quality—whether "good or bad"—matters more than political controversies surrounding central bank leadership.

Market Context

The statement was made during a broader day of financial market activity, with:

• Major U.S. banks reporting earnings (Bank of America showing profit gains from trading volatility; Wells Fargo missing estimates on severance costs)
• Wall Street declining on bank earnings disappointment
• Canadian stocks dipping as technology retreated
• Continued commodity rallies driven by geopolitical risks

Implications

Miran's remarks highlight growing tensions around central bank independence and political interference in monetary policy. His dismissive tone regarding institutional concerns may raise questions among investors about the Fed's autonomy under political pressure. The controversy could impact market confidence in the stability of U.S. monetary policy framework, though Miran maintains domestic institutions remain robust.