Fed hawks and doves: what US central bankers are saying

ReutersJul 1, 2025 6:35 PM

By Ann Saphir

July 1 (Reuters) - President Donald Trump is deeply unhappy with the Federal Reserve after it again left its benchmark interest rate unchanged in the 4.25%-4.50% range at its June 17-18 meeting, and he is thinking about replacements for Fed Chair Jerome Powell some 10 months before the U.S. central bank chief's term expires.

With a recent Supreme Court opinion suggesting the Fed chief is insulated from Trump's repeated threats to fire him, the president is reported to be considering making an early announcement of his pick to succeed Powell, potentially as leverage to push for earlier or deeper rate cuts. The current policy views of the Fed's 19 policymakers, with most aligned with Powell, show how tall a task that would be for whomever Trump picks as his "shadow chair."

Here is a look at Fed officials' comments since their last policy 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: "I'm all in favor of saying maybe we should start thinking about cutting the policy rate at the next meeting, because we don't want to wait until the job market tanks before we start cutting the policy rate." June 20, 2025	Michelle Bowman, Vice Chair of Supervision, permanent voter: "It is time to consider adjusting the policy rate." June 23, 2025	Jerome Powell, Fed Chair, permanent voter: "As long as the U.S. economy is in solid shape, we think that the prudent thing to do is to wait and learn more and see what those effects might be." July 1, 2025	Jeffrey Schmid, Kansas City Fed President, 2025 voter: "The current posture of monetary policy, which has been characterized as 'wait-and-see,' is appropriate." June 24, 2025
	Lisa Cook, Governor, permanent voter: No public comments on monetary policy since June 3, 2025.	John Williams, New York Fed President, permanent voter: "Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals." June 24, 2025	Alberto Musalem, St. Louis Fed President, 2025 voter: No public comments on monetary policy since June 5, 2025.
	Austan Goolsbee, Chicago Fed President, 2025 voter: "Somewhat surprisingly, thus far, the impact of tariffs has not been what people feared ... if the dirt is out of the air, then I think we should proceed" with rate cuts. June 23, 2025	Philip Jefferson, Vice Chair, permanent voter: No public comments on monetary policy since May 14, 2025.	Neel Kashkari, Minneapolis Fed President, 2026 voter: "If we were to cut in September and then the effects of tariffs showed up this fall, I believe we should not be on a preset easing course." June 27, 2025
		Michael Barr, Governor, permanent voter: "Monetary policy is well positioned to allow us to wait and see how economic conditions unfold." June 26, 2025	Beth Hammack, Cleveland Fed President, 2026 voter: "The risks from maintaining the current policy setting appear low, and I don't see a weakening in the economy that would merit imminent rate cuts." June 24, 2025
		Adriana Kugler, Governor, permanent voter: No public comments on monetary policy since June 5, 2025.	Lorie Logan, Dallas Fed President, 2026 voter: No public comments on monetary policy since June 2, 2025.
		Susan Collins, Boston Fed President, 2025 voter: "While I continue to expect it will be appropriate to resume gradual policy normalization later this year, my outlook could change significantly as events unfold." June 25, 2025	Raphael Bostic, Atlanta Fed President, 2027 voter: "I would see the last quarter (of the year) is sort of when I would expect we would know enough to move." June 25, 2025
		Anna Paulson, Philadelphia Fed President, 2026 voter: No public remarks on monetary policy since starting the job July 1, 2025.	Thomas Barkin, Richmond Fed President, 2027 voter: "Given the strength in today’s economy, we have time to track developments patiently and allow the visibility to improve." June 26, 2025
		Mary Daly, San Francisco Fed President, 2027 voter: "We cannot wait so long that we forget that the fundamentals of the economy are moving in a direction where an interest rate adjustment might be necessary." June 20, 2025

Notes: The current policy rate target range is 4.25%-4.50%. The median of Fed policymaker projections in June was for half a percentage point of rate cuts this year, though seven of the 19 projected no cuts at all.

The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Three - Waller, Bowman and Powell - are Trump nominees; the other four were nominated by President Joe Biden. Each of them votes at every Federal Open Market Committee meeting, 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. Fed regional bank presidents are picked by the directors of their own regional banks, subject to approval by the Fed's Board of Governors.

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
July '25	1	3	8	7	0
Jan.-June '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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