Fed hawks and doves: what US central bankers are saying

ReutersAug 8, 2025 5:25 PM

By Ann Saphir

Aug 8 (Reuters) - The Federal Reserve left its policy rate in the 4.25%-4.50% range at its July 29-30 meeting to keep downward pressure on inflation, which remains above target. President Donald Trump, who has for months tried unsuccessfully to pressure the Fed into cutting rates, was disappointed .

But two dissents and an unexpected resignation at the Fed, along with recent data suggesting further labor market cooling and a shift in commentary from several Fed officials in the dovish direction, may be setting the table for a different result the next time.

Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller voted against the July decision, arguing that the central bank should reduce borrowing costs to head off deterioration in the labor market.

Governor Adriana Kugler, who felt a rate cut wouldn't be needed for some time, did not attend the meeting and announced shortly afterward that she was leaving the Fed to return to academia.

Trump moved rapidly to replace her, nominating Fed critic and rate-cut supporter Stephen Miran to serve out the remaining few months of Kugler's term. Senate Banking Committee Chair Tim Scott promised to move quickly on the confirmation process, though it is unclear if that could be done in time for the Fed's next meeting on September 16-17.

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 public comments and published remarks. For a breakdown of how Reuters' counts in each category have changed, please scroll to the bottom of this story, or click on the photos in this graphic.

Dove	Dovish	Centrist	Hawkish	Hawk
Michelle Bowman, Vice Chair of Supervision, permanent voter: A quarter-point interest-rate cut “would have proactively hedged against a further weakening in the economy and the risk of damage to the labor market.” Aug 1, 2025	Lisa Cook, Governor, permanent voter: "This is concerning," she said of the sharp downward revisions to the Labor Department's estimates of recent monthly job gains. Aug 6, 2025	Jerome Powell, Fed Chair, permanent voter: "If you move too soon, you wind up maybe not getting inflation all the way fixed and you have to come back. That's inefficient. If you move too late, you might do unnecessary damage to the labor market.” July 30, 2025	Jeffrey Schmid, Kansas City Fed President, 2025 voter: No public comments on monetary policy since June 24, 2025
Christopher Waller, Governor, permanent voter: "The wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve.” Aug 1, 2025.	Austan Goolsbee, Chicago Fed President, 2025 voter: No public comments on monetary policy since July 18, 2025.	John Williams, New York Fed President, permanent voter: "If the data are progressing in a way consistent with the best achievement of our goals—and to achieve that, and balance the risks best, it makes sense to reduce the restrictiveness of monetary policy, then that’s what we should do." Aug 1, 2025	Beth Hammack, Cleveland Fed President, 2026 voter: "I feel confident with the decision that we made earlier this week…When I step back and look at where we are, I see a labor market that is largely in balance.” Aug 1, 2025
	Mary Daly, San Francisco Fed President, 2027 voter: "I was willing to wait another cycle, but I can't wait forever.” Aug 4, 2025	Philip Jefferson, Vice Chair, permanent voter: No public comments on monetary policy since May 14, 2025.	Lorie Logan, Dallas Fed President, 2026 voter: No public comments on monetary policy since July 15, 2025.
		Michael Barr, Governor, permanent voter: No public comments on monetary policy since June 26, 2025.	Thomas Barkin, Richmond Fed President, 2027 voter: No public comments on monetary policy since June 26, 2025.
		Alberto Musalem, St. Louis Fed President, 2025 voter: "There are risks on both sides of our mandate, and when that happens, when you have risks on both sides. You have to take a balanced approach." Aug. 8, 2025	Raphael Bostic, Atlanta Fed President, 2027 voter: "The employment number did say that the risk on the employment side is much higher than it had been...I will definitely be looking carefully." Aug 7, 2025
		Susan Collins, Boston Fed President, 2025 voter: No public comments on monetary policy since July 15, 2025.
		Neel Kashkari, Minneapolis Fed President, 2026 voter: " The economy is slowing , and that means in the near term it may become appropriate to start adjusting." Aug 6, 2025
		Anna Paulson, Philadelphia Fed President, 2026 voter: No public remarks on monetary policy since starting the job July 1, 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 next publishes projections at its September meeting.

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; three were nominated by former President Joe Biden; Trump has nominated Stephen Miran to the remaining open seat. Each Fed governor 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 Fed meetings.

FOMC Date	Dove	Dovish	Centrist	Hawkish	Hawk
Sept '25	2	3	8	5	0
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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