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Global central bankers have issued a statement defending U.S. Federal Reserve Chair Jerome Powell after Brazilian authorities launched a criminal investigation into him. The investigation, opened by Brazil’s Supreme Court, is linked to Powell’s alleged role in cutting off Brazil’s access to international financial markets following the country’s 2105 sovereign debt payments to creditors. The Bank for International Settlements (BIS) described the move as a threat to central bank independence and warned it could undermine the global financial system. Powell is currently in Brazil attending a meeting of the BIS.
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