Fed hawks and doves: what US central bankers are saying

ReutersMar 4, 2025 7:50 PM

March 4 (Reuters) - After a string of interest rate cuts last year, U.S. central bankers left short-term borrowing costs unchanged 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 Fed officials' comments ahead of their March 18-19 meeting, 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: "If 2025 plays out like 2024, rate cuts would be appropriate at some point this year." February 17, 2025	Jerome Powell, Fed Chair, permanent voter: "We do not need to be in a hurry to adjust our policy stance." February 11, 2025	Michelle Bowman, Governor, permanent voter: "I would like to gain greater confidence that progress in lowering inflation will continue as we consider making further adjustments." February 17, 2025
	Lisa Cook, Governor, permanent voter: No public comments on monetary policy since January 2025.	John Williams, New York Fed President, permanent voter: "Monetary policy is well positioned to achieve maximum employment and price stability." February 11, 2025	Jeffrey Schmid, Kansas City Fed President, 2025 voter: "I intend to keep my eye focused on inflation." February 27, 2025
	Austan Goolsbee, Chicago Fed President, 2025 voter: "There's a lot of uncertainty, a lot of kind of dust in the air, and before the Fed can go back to cutting the rates, I feel and have expressed that we got to get a little dust out of the air." February 24, 2025	Philip Jefferson, Vice Chair, permanent voter: "I believe that, with a strong economy and a solid labor market, we can take our time to assess the incoming data to make any further adjustments to our policy rate." February 19, 2025	Alberto Musalem, St. Louis Fed President, 2025 voter: "Recent data have been weaker than expected, especially consumer spending and housing market data, posing some downside risk to growth." March 3, 2025
		Michael Barr, Governor, permanent voter: No public comments on monetary policy since May 2024.	Beth Hammack, Cleveland Fed President, 2026 voter: "I believe that monetary policy has the luxury of being patient as we assess the path forward, and this will likely mean holding the federal funds rate steady for some time." February 27, 2025.
		Adriana Kugler, Governor, permanent voter: "It is appropriate to hold the federal funds rate in place for some time, given the balance of risks that we face right now." February 20, 2025	Lorie Logan, Dallas Fed President, 2026 voter: "I think there's a real question about how restrictive monetary policy is right now." February 14, 2025
		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." February 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." February 7, 2025
		Patrick Harker, Philadelphia Fed President, 2026 voter: "I think sitting here for a little bit and letting some of this uncertainty resolve itself is the appropriate thing." February 27, 2025	Thomas Barkin, Richmond Fed President, 2027 voter: "I prefer to wait and see how this uncertainty plays out and how the economy responds." February 25, 2025
		Raphael Bostic, Atlanta Fed President, 2027 voter: Two quarter-percentage-point rate cuts is "my baseline expectation," Bostic said, but "the uncertainty around that is pretty significant ... There's a lot that could happen that could influence that in both directions." February 20, 2025
		Mary Daly, San Francisco Fed President, 2027 voter: "Policy needs to remain restrictive until ... I see that we are really continuing to make progress on inflation." February 18, 2025

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 chair, 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. and Mar '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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