The Financial Post reports in its Wednesday, Jan. 14, edition that Bank of Canada Governor Tiff Macklem defended Jerome Powell after the U.S. Fed chair claimed the Trump administration was trying to pressure the central bank via a grand jury investigation. A Bloomberg dispatch to the Post reports that on Monday Mr. Macklem said: "I reiterate my full support for Federal Reserve Board Chair Jay Powell." Mr. Macklem's statement marked the clearest support he has offered yet to the Fed chair. Previously, the BOC Governor had decried Mr. Trump's attacks on Mr. Powell by calling central bank independence "sacrosanct." Mr. Macklem reiterated that message on Monday, saying independence is "critical to successful monetary policy," and that banks with operational independence are more successful at containing inflation. "Independence gives central bankers the space to take difficult decisions that benefit the economy and its citizens, free from short-term political interference." Former heads of the Federal Reserve and the U.S. Treasury Department also criticized the investigation on Monday, saying it would undermine the central bank's ability to conduct monetary policy guided by economic data.