Fed hawks and doves: what US central bankers are saying

ReutersSep 12, 2025 6:13 PM

By Ann Saphir

Sept 12 (Reuters) - The Federal Reserve is expected to deliver its first interest-rate cut this year at its September 16-17 meeting, as it moves to counter a cooling labor market even as inflation remains above target.

The anticipated quarter-point reduction may not satisfy President Donald Trump, who wants a bigger cut and has named his White House economic advisor, Stephen Miran, in time to be on the Fed Board at the September meeting, pending Senate confirmation.

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: "With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance." Aug 22, 2025	Jeffrey Schmid, Kansas City Fed President, 2025 voter: "I think we're in a really good spot and I think we really have to have very definitive data to be moving that policy right now." Aug 21, 2025
Christopher Waller, Governor, permanent voter: "I don't believe that a cut of larger than 25 basis points is needed in September ... I anticipate additional cuts over the next three to six months, and the pace of rate cuts will be driven by the incoming data." Aug 28, 2025	Austan Goolsbee, Chicago Fed President, 2025 voter: "It's a live meeting for me…I haven't made-up my mind on that," Sept 4, 2025	John Williams, New York Fed President, permanent voter: "Every meeting is, from my perspective, live (for a change in the Fed's policy rate) ... risks are more in balance." Aug 27, 2025	Beth Hammack, Cleveland Fed President, 2026 voter: "For me, what the decision really comes down to is that inflation is too high ... We need to maintain a modestly restrictive stance of policy to get inflation back to target." Aug 22, 2025
	Mary Daly, San Francisco Fed President, 2027 voter: "We will wait to see the data and maybe it'll be fewer, maybe it'll be more, but ultimately, I think two (rate cuts this year) remains a good projection.” Aug 15, 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: "I see modest movement in the economy ... If there's modest movement in the economy, that would imply a modest adjustment in rates." Aug. 26 2025
		Alberto Musalem, St. Louis Fed President, 2025 voter: “The current modestly restrictive setting of the policy rate is consistent with today's full-employment labor market and core inflation nearly one percentage point above the Fed's 2% target.” Sept 3, 2025	Raphael Bostic, Atlanta Fed President, 2027 voter: "The labor market is slowing enough that some easing in policy - probably on the order of 25 basis points - will be appropriate over the remainder of this year." Sept 3, 2025
		Susan Collins, Boston Fed President, 2025 voter: If data shows "the risks of worsening labor market conditions relative to those risks of elevated inflation ... then it may be appropriate soon to begin dialing back" interest rates. Aug 21, 2025
		Neel Kashkari, Minneapolis Fed President, 2026 voter: "Inflation is still too high, but at the same time, the labor market is showing some signs of cooling, so it's, we're getting into a tricky position now for the Fed." Sept 3, 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 meeting in September.

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 Miran, who is expected to join the Fed's September meeting -- were Trump picks. Three others -- Barr, Jefferson and Cook, who is fighting Trump's attempt to fire her -- were picked by former President Joe Biden. Powell was nominated to the Board by President Barack Obama, elevated to be Fed chair by Trump in 2018, and renominated as Fed chair by Biden in 2022.

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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