Fed hawks and doves: what US central bankers are saying
Feb 11 (Reuters) - U.S. central bankers paused interest-rate cuts at their January 28-29 meeting, noting bumpy progress toward their 2% inflation goal, a still-strong labor market, and a lot of uncertainty over tariffs, tax cuts, and other economic policies under President Donald Trump.
Here is a look at their comments since then, sorting them under the labels "dove" and "hawk" as shorthand for their monetary policy leanings. A dove is more focused on risks to the labor market and may want to cut rates more quickly, while a hawk is more focused on the threat of inflation and may be more cautious about rate cuts.
The designations are based on comments and published remarks; for more, click on the photos in this graphic. For a breakdown of how Reuters' counts in each category have changed, please scroll to the bottom of this story.
Dove | Dovish | Centrist | Hawkish | Hawk |
| Christopher Waller, Governor, permanent voter: No public comments on monetary policy since Jan 2025. | Jerome Powell, Fed Chair, permanent voter: "We do not need to be in a hurry to adjust our policy stance." Feb 11, 2025
| Michelle Bowman, Governor, permanent voter: "I continue to see upside risks to inflation….I continue to prefer a cautious and gradual approach to adjusting policy.” Jan 31, 2025 |
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| Lisa Cook, Governor, permanent voter: No public comments on monetary policy since Jan 2025. | John Williams, New York Fed President, permanent voter: No public comments on monetary policy since Jan 2025. | Jeffrey Schmid, Kansas City Fed President, 2025 voter: No public comments on monetary policy since Jan 2025.
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| Austan Goolsbee, Chicago Fed President, 2025 voter: "I think we're on path back to 2% on the inflation side…And as that inflation comes down, we can commensurately be cutting the interest rate." Feb 7, 2025 | Philip Jefferson, Vice Chair, permanent voter: “We can be patient and wait to see the net effect of any policy changes by the current administration.” Feb 5, 2025
| Alberto Musalem, St. Louis Fed President, 2025 voter: No public comments on monetary policy since Jan 2025. |
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| Michael Barr, Vice Chair of Supervision, permanent voter: No public comments on monetary policy since May 2024. | Beth Hammack, Cleveland Fed President, 2026 voter: "Given current economic conditions, it will likely be appropriate to hold the funds rate steady for some time.” Feb 11, 2025 |
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| Adriana Kugler, Governor, permanent voter: “The prudent step is to hold the federal funds rate where it is for some time." Feb 7, 2025 | Lorie Logan, Dallas Fed President, 2026 voter: “If inflation comes in close to 2% in coming months…it wouldn’t necessarily allow the FOMC to cut rates soon.” Feb 6, 2025 |
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| Susan Collins, Boston Fed President, 2025 voter: "It's really appropriate for policy to be patient, careful, and there's no urgency for making additional adjustments." Feb 3, 2025 | Neel Kashkari, Minneapolis Fed President, 2026 voter: "We're in a very good place to just sit here until we get a lot more information on the tariff front, on the immigration front, on the tax front, etc.” Feb 7, 2025 |
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| Patrick Harker, Philadelphia Fed President, 2026 voter: No public comments on monetary policy since Jan 2025. | Thomas Barkin, Richmond Fed President, 2027 voter: "I start with a baseline that is pretty favorable (to further interest-rate cuts)....That is certainly the lean." Feb 5, 2025 |
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| Raphael Bostic, Atlanta Fed President, 2027 voter: ”There are a lot of things I am going to wait and see about ... I'd be very satisfied to wait for a while.” Feb 3, 2025 |
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| Mary Daly, San Francisco Fed President, 2027 voter: “Uncertainty is not paralysis. It just means you have to watch and be careful and thoughtful as you navigate the information we have.” Feb 4, 2025 |
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Notes: The current policy rate target range is 4.25%-4.50%. As of December, Fed policymakers projected half of a percentage point of rate cuts this year, less than in 2024; they next publish projections at their March 18-19 meeting.
The seven Fed governors, including the Fed chief and vice chairs, have permanent votes at the Federal Open Market Committee meetings, which are held eight times a year. All 12 regional Fed presidents discuss and debate monetary policy at the meetings, but only five cast votes, including the New York Fed president and four others who vote for one year at a time on a rotating schedule.
Reuters over time has shifted policymaker designations based on fresh comments and developing circumstances. Below is a Reuters count of policymakers in each category, heading into recent Fed meetings.
FOMC Date | Dove | Dovish | Centrist | Hawkish | Hawk |
Jan. '25 | 0 | 3 | 9 | 7 | 0 |
Dec. '24 | 0 | 2 | 10 | 7 | 0 |
Nov. '24 | 0 | 0 | 13 | 5 | 0 |
Sept '24 | 0 | 1 | 12 | 5 | 0 |
May through July '24 | 0 | 1 | 10 | 6 | 1 |
March '24 | 0 | 1 | 11 | 5 | 1 |
Jan '24 | 0 | 2 | 9 | 4 | 1 |
Dec '23 | 0 | 2 | 9 | 4 | 1 |
Oct/Nov '23 | 0 | 2 | 7 | 5 | 2 |
Sept '23 | 0 | 4 | 3 | 6 | 3 |
June '23 | 0 | 3 | 3 | 8 | 3 |
March '23 | 0 | 2 | 3 | 10 | 2 |
Dec '22 | 0 | 4 | 1 | 12 | 2 |
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