Fed hawks and doves: what US central bankers are saying

ReutersAug 14, 2025 4:34 PM

By Ann Saphir

Aug 14 (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.

Dissents by two Fed governors in favor of a rate cut at July's meeting, recent data suggesting further labor market cooling and a shift in commentary from several central bank officials in the dovish direction may already be setting the table for an interest-rate cut as soon as September.

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: "My Summary of Economic Projections includes three cuts for this year, which has been consistent with my forecast since last December, and the latest labor market data reinforce my view." Aug 9, 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: “While increased tariffs seem to be having a limited effect on inflation, I view this as a rationale for keeping policy on hold rather than an opportunity to ease the stance of policy.” Aug 12, 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: "You could cut, one, in anticipation if you think you're on the path, as long as you're laying out the criteria of what you're doing ... and if we start getting information that contradicts that then we would stop cutting or go the other way: that's an entirely possible path." Aug 13, 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: "We may well see pressure on inflation, and we may also see pressure on unemployment, but the balance between the two is still unclear... we are well positioned to adjust our policy stance as needed." Aug 12 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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