Fed hawks and doves: what US central bankers are saying

ReutersJul 22, 2025 3:07 PM

By Ann Saphir

July 22 (Reuters) - President Donald Trump's administration has ramped up its pressure on Federal Reserve Chair Jerome Powell ahead of the U.S. central bank's July 29-30 policy meeting, with White House officials reviewing an ongoing $2.5 billion renovation project for compliance with planning requirements and Treasury Secretary Scott Bessent calling for an exhaustive review of the Fed's non-monetary operations, all while Trump continues to berate Powell for not cutting interest rates.

While a couple of Fed policymakers have made a case for reducing borrowing costs at the coming meeting, the current views of the Fed's 19 policymakers are mostly aligned with Powell, who has signaled a desire to wait for data through the summer to judge whether a reduction to the current 4.25%-4.50% policy rate range is warranted.

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: "It makes sense to cut the FOMC's policy rate by 25 basis points two weeks from now." July 17, 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: "It's important to note that it's still early days for the effects of tariffs, which take time to come into full force." July 16, 2025	Alberto Musalem, St. Louis Fed President, 2025 voter: "Tariffs could have a temporary effect on prices ... They could also have a more persistent impact ... It is possible I may be able to form a picture by October, November, December." July 10, 2025
	Austan Goolsbee, Chicago Fed President, 2025 voter: "Overall, I still think that what's under there could lead rates to be a fair bit lower over the next year, kind of timeframe." July 18, 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: "I don't see a need to really reduce (interest rates) unless we see material weakening on the labor side." July 14, 2025
		Adriana Kugler, Governor, permanent voter: "I find it appropriate to hold our policy rate at the current level for some time." July 17, 2025.	Lorie Logan, Dallas Fed President, 2026 voter: "My base case is that we'll need to keep interest rates modestly restrictive for some time." July 15, 2025
		Susan Collins, Boston Fed President, 2025 voter: "An 'actively patient' approach to monetary policy remains appropriate at this time."	Raphael Bostic, Atlanta Fed President, 2027 voter: "We are seeing things underlying in the economy that suggest inflation pressures are up ... The price pressures are real." July 16, 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: "I wouldn't want to see more weakness in the labor market ... I really wouldn't want to see that, which is why you can't wait forever"on cutting rates. July 17, 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 former 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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