Reserve Bank Governor Anna Breman has joined other central bank governors in offering support for US Federal Reserve Chairman Jerome Powell.
In a statement Breman and others, including European Central Bank President Christine Lagarde, Reserve Bank of Australia Governor Michele Bullock and Bank of England Governor Andrew Bailey, say they; "stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell."
Winston Peters, NZ First leader and Minister of Foreign Affairs, is criticising Breman. In a social media post Peters says the Reserve Bank; "has no role, nor should it involve itself, in US domestic politics."
"We remind the Governor to stay in her New Zealand lane and stick to domestic monetary policy. That would have been the advice of the Ministry of Foreign Affairs and Trade if the Governor had sought its advice, which she did not," says Peters.
The US Department of Justice has served the Fed with grand jury subpoenas threatening a criminal indictment related to Powell's testimony before the US Senate Banking Committee last June, the Fed says. That testimony included discussion of a multi-year project to renovate Federal Reserve office buildings.
Powell says, however, this "unprecedented action" should be seen in the broader context of threats and ongoing pressure on the Fed from US President Donald Trump's administration.
Also see; Trump’s unprecedented attacks on Powell aren't merely a domestic US issue.
Below is the statement is support of Powell.
International central bankers on the statement by Federal Reserve Chair Powell on 11 January 2026
13 January 2026
We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability. Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest. To us, he is a respected colleague who is held in the highest regard by all who have worked with him.
Christine Lagarde, President of the European Central Bank on behalf of the ECB Governing Council
Andrew Bailey, Governor of the Bank of England
Erik Thedéen, Governor of Sveriges Riksbank
Christian Kettel Thomsen, Chairman of the Board of Governors of the Danmarks Nationalbank
Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank
Ida Wolden Bache, Governor of Norges Bank
Michele Bullock, Governor of the Reserve Bank of Australia
Tiff Macklem, Governor of the Bank of Canada
Chang Yong Rhee, Governor of the Bank of Korea
Gabriel Galípolo, Governor of the Banco Central do Brasil
Lesetja Kganyago, Governor of the South African Reserve Bank
Anna Breman, Governor of the Reserve Bank of New Zealand
François Villeroy de Galhau, Chair of the Board of Directors of the Bank for International Settlements
Pablo Hernández de Cos, General Manager of the Bank for International Settlements
Note: Other central banks may be added to the list of signatories later on.
Below is Winston Peter's tweet.
The Reserve Bank of New Zealand is statutorily independent of Central Government on matters of monetary policy.
— Winston Peters (@NewZealandMFA) January 14, 2026
However, the RBNZ has no role, nor should it involve itself, in US domestic politics. We remind the Governor to stay in her New Zealand lane and stick to domestic…
23 Comments
Central bankers and BIS honchos. The common element among this lot is that they belong to banks that traditionally have swap lines with the Federal Reserve. These swap lines shape global geopolitics by creating hierarchies and signaling political alignment.
Anna was only going to lend her support. The joint statement is entirely predictable. Turkeys don't vote for Xmas.
I imagine MFAT might have similar advice. They tend to be very conservative, especially with Trump
Winston is a master at getting himself in the news for very little.
free interview on News Talk this am
He's also the master of political footwear, the policy flip flop.
Tend to agree with Winston - avoid poking the bear.
The 0.019% or 0.0019% of NZ trade with Iran might get blown out of proportion
Stay in your lane. 100%. We're basically dealing with people who believe they have more power than they should. Lord Orr suffered from the same affliction.
I am also of the opinion that she focus on her job and responsibilities and leave comment on foreign matters to Govt.
Perhaps this identity feels she is larger than the role?
She should keep her mouth shut on foreign political policy issues.
While Winnie has his flaws, foriegn policy - he is the mastermind.
Not a great start from the new RBNZ Gov.
Winston is the mastermind.....???
He plays a very good game
An emerging norm is that central banks should follow an “ethic of self‑restraint”: speak only on issues tightly connected to their statutory mandate, and frame any criticism of government policy explicitly in terms of that mandate. This keeps communication focused on transmission channels and constraints rather than on value judgements about broader political agendas.
https://www.cigionline.org/articles/should-central-banks-play-politics/
Her comment helps protect NZ from bad actors in the USA. Winston is a near invisible midge when it comes to international financial forces.
She's right to speak out, because neither she, nor we, want politicians interfering even more in the setting of interest rates than they do already.
Saw the interview with US Attorney for the District of Columbia, Jeanine Pirro. If Powell had responded to, instead of ignoring, requests about the cost overruns with the Federal Reserve Building he may not be in such hot water.
I was surprised that she put her name to the statement without clearing it with the government and Winston was right to call her out. This is well outside her mandate in my view.
All it shows to me is that global central banks aren't independent at all - but more of a collective force who view themselves are just as powerful as leaders of individual states. And who are willing to align themselves together (ie the opposite of independent) in order to try and use their power to influence political issues.
I actually agree with Winston (it doesn't often happen).
If Central Bankers really want to be seen as acting with independence and integrity, why then are they acting like a team/collective/aligned force?
To act with independence and integrity would be to walk your own path and not be forced into agreeing with the position of the most powerful player of the collective (the Fed).
eg global leaders of central bankers should be saying 'this is not our issue to comment on, this is between the Fed and the President of the United States'.
Instead they jump to the support of the most powerful player who coerces all of the other smaller players into following the Feds direction on monetary policy and now more of a political or even personal rift between the leader of the Fed and the President (ie not at all independent).
If a lacky gets put in Powells place then it creates a chink in the biggest piece of chainmail in the armor, impacting the structural integrity of the rest. They'll all claim it is for stability, but in truth if Trump does this, it will mean having to do real work, and likely have to have their heads roll when the global financial system takes a hit.
I would suggest that is where the concern is. It is well acknowledged that the size of the US economy and the way the banking system is structured across the world that the impact and influence of whatever occurs in the US is significant to the rest of the world. Are the central banks working together? I don't believe so. This is just a sign that they all agree on the potential outcomes of a Trump sycophant chairing the fed and that they needed to use their positions to indicate that. As the banks are technically independent of their governments, then the governments are able to disassociate themselves from the comment. Winnie's comment is little more than a low level swipe which would/could otherwise be ignored, but can be seen as the government stepping further back from that position. No harm, no foul?
Many of the commentors don't appear to believe in free speech, which is sad. What are they and Peters frightened of- Trumps ire? If so they clearly don't understand the risks of boot licking sociopathic masters, or is it because Breman is a woman.
Right on - women can know heaps about US historic building renovation costs.
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