Fed hawks and doves: What US central bankers are saying

ReutersOct 17, 2025 12:08 AM

Oct 16 (Reuters) - The Federal Reserve is widely expected to cut the U.S. policy rate by a quarter-of-a-percentage point at its next two meetings to support the labor market, despite objections from several policymakers worried that further policy easing could worsen inflation. The Fed’s newest governor, Stephen Miran, is a lone advocate for steeper rate cuts.

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 for Supervision, permanent voter: "I continue to see two more cuts before the end of this year." October 14, 2025	Lisa Cook, Governor, permanent voter: No public comments on monetary policy or the economy since August 6, 2025.	Jerome Powell, Fed Chair, permanent voter: "While official employment data for September are delayed, available evidence suggests that both layoffs and hiring remain low, and that both households' perceptions of job availability and firms' perceptions of hiring difficulty continue their downward trajectories.” October 14, 2025	Jeffrey Schmid, Kansas City Fed President, 2025 voter: “I am anticipating a relatively muted effect of tariffs on inflation, but I view that as a sign that policy is appropriately calibrated rather than a sign that the policy rate should be aggressively lowered.” October 6, 2025	Beth Hammack, Cleveland Fed President, 2026 voter: ”I think we really need to maintain a restrictive stance of policy so that we can get inflation back down to our goal." Sept. 29, 2025 September 29, 2025
Christopher Waller, Governor, permanent voter: “Based on all of the data we have on the labor market, I believe that the (Fed's policy committee) should reduce the policy rate another 25 basis points at our meeting that concludes October 29.” October 16, 2025.	Mary Daly, San Francisco Fed President, 2027 voter: "We're to a point now where the softening in the labor market looks like it could be more worrisome if we don't risk-manage it.” Oct. 9, 2025	John Williams, New York Fed President, permanent voter: "There are more downside risks to the labor market and employment, and that is something that takes some of the upside risk off of inflation." October 9, 2025	Lorie Logan, Dallas Fed President, 2026 voter: "We really need to be cautious of further rate cuts from here." October 3, 2025
Stephen Miran, Governor, permanent voter: There are risks now to the outlook that did not exist a week ago, which in my mind should add urgency to wanting to cut rates and reinforces the reason for having half point cuts to get closer to neutral instead of quarter point cuts." October 16, 2025		Philip Jefferson, Vice Chair, permanent voter: "I see the risks to employment as tilted to the downside and risks to inflation to the upside.” October 3, 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: “The FOMC should be cautious about adjusting policy so that we can gather further data, update our forecasts, and better assess the balance of risks.” October 9, 2025	Thomas Barkin, Richmond Fed President, 2027 voter: "The downside in the labor market should be limited… there are good reasons to think countervailing forces (on inflation) will limit the downside." September 26, 2025
		Alberto Musalem, St. Louis Fed President, 2025 voter: "We have to tread with caution because there's limited room for further easing before monetary policy could become overly accommodative, and I believe that monetary policy should continue to lean against persistence in inflation.” October 10, 2025
		Susan Collins, Boston Fed President, 2025 voter: “Perhaps the risks on the inflation side are a bit more contained than I previously thought, but the risks on the labor market side are perhaps a bit greater…That does suggest that a bit more easing, perhaps another 25 basis points of easing, might be appropriate.” October 14, 2025
		Austan Goolsbee, Chicago Fed President, 2025 voter: "I'm a little wary about front-loading too many rate cuts and just counting on the inflation going away." October 3, 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: "Labor market risks do appear to be increasing - not outrageously, but noticeably. And momentum seems to be going in the wrong direction.” October 13, 2025

Notes: The current policy rate target range is 4.00%-4.25%. The median of Fed policymaker projections in September was for a half percentage point of further rate cuts this year, though nine of the 19 wanted 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	2	9	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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