Fed hawks and doves: what US central bankers are saying

ReutersSep 23, 2025 7:16 PM

By Ann Saphir

Sept 23 (Reuters) - The Federal Reserve delivered a widely expected quarter-of-a-percentage point rate cut at its September 16-17 meeting and signaled some further gradual cuts ahead to support the labor market even as inflation remains above target.

Stephen Miran, the Fed Board’s newest member and on unpaid leave as White House economic advisor, dissented and signaled support for a sharply lower policy rate, which President Donald Trump has pushed for.

Here is a look at Fed officials' recent comments, 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. To see 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: "We are at serious risk of already being behind the curve in addressing deteriorating labor market conditions. Should these conditions continue, I am concerned that we will need to adjust policy at a faster pace and to a larger degree going forward." September 23, 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. August 6, 2025	Jerome Powell, Fed Chair, permanent voter: "The labor market is softening and we don't need it to soften anymore… So we use our tools. And it starts with a 25 basis point rate cut.” September 17, 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." August 21, 2025	Beth Hammack, Cleveland Fed President, 2026 voter: "I think we are only a short distance to neutral, and it worries me that if we remove that restriction from the economy, things can start overheating again." September 22, 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." August 28, 2025	Austan Goolsbee, Chicago Fed President, 2025 voter: "I think eventually, at a gradual pace, rates can come down a fair amount if we can get this stagflationary dust out of the air." September 23, 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." August 27, 2025	Lorie Logan, Dallas Fed President, 2026 voter: No public comments on monetary policy since July 15, 2025.
Stephen Miran, Governor, permanent voter: "Monetary policy is well into restrictive territory. Leaving short-term interest rates roughly two percentage points too tight risks unnecessary layoffs and higher unemployment." September 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.” August 15, 2025	Philip Jefferson, Vice Chair, permanent voter: No public comments on monetary policy since May 14, 2025.	Raphael Bostic, Atlanta Fed President, 2027 voter: ""I am concerned about the inflation that has been too high for a long time…And so I today would not be moving (the policy rate) or in favor of it, but we’ll see what happens." September 22, 2025
		Michael Barr, Governor, permanent voter: No public comments on monetary policy since June 26, 2025.	Thomas Barkin, Richmond Fed President, 2027 voter: "Consumers are spending nicely. Why wouldn't they? Unemployment is low, real wages are increasing, and stock market valuations are healthy." September 22, 2025
		Alberto Musalem, St. Louis Fed President, 2025 voter: “I believe there is limited room for easing further without policy becoming overly accommodative, and we should tread cautiously." September 22, 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. August 21, 2025
		Neel Kashkari, Minneapolis Fed President, 2026 voter: "I believe the risk of a sharp increase in unemployment warrants the committee taking some action to support the labor market." September 19, 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 4.00%-4.25%. The median of Fed policymaker projections in September is for a half percentage point of further rate cuts this year, though nine of the 19 want less than that.

The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Each votes at every Federal Open Market Committee meeting, held eight times a year.

Miran, Waller and Vice Chair Bowman are Trump nominees. Barr, Jefferson and Cook - whom Trump is attempting to fire - were nominated by President Joe Biden. Powell was initially nominated to the Fed Board by President Barack Obama, elevated to chair by Trump in his first term, and renominated as chair by Biden.

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
Oct '25	3	3	8	4	1
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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