Fed hawks and doves: What US central bankers are saying

ReutersNov 21, 2025 5:39 PM

By Ann Saphir

Nov. 21 (Reuters) - After cutting the U.S. policy rate by a quarter-of-a-percentage point in October to further support the labor market, Federal Reserve policymakers are deeply divided over what to do next, with policymakers worried that further easing could worsen inflation pitted against those who argue that job market cooling warrants another rate cut.

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: No public comments on monetary policy since October 14, 2025.	Mary Daly, San Francisco Fed President, 2027 voter: "To my mind, it's premature to say definitely no cut, or definitely a cut.” November 13, 2025	Jerome Powell, Fed Chair, permanent voter: "A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it.” October 29, 2025	Austan Goolsbee, Chicago Fed President, 2025 voter: "My unease is about the short-run front-loading of too many rate cuts and counting on ... the inflation uptick that we've seen being transitory." November 20, 2025	Jeffrey Schmid, Kansas City Fed President, 2025 voter: “I view the current stance of monetary policy as being only modestly restrictive, which is about where I think it should be.” November 14, 2025
Christopher Waller, Governor, permanent voter: “My focus is on the labor market, and after months of weakening, it is unlikely that … data in the next few weeks would change my view that another cut is in order.” November 17, 2025.		John Williams, New York Fed President, permanent voter: "I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral." November 21, 2025	Susan Collins, Boston Fed President, 2025 voter: “ Restrictive policy is very appropriate right now.” November 21, 2025	Beth Hammack, Cleveland Fed President, 2026 voter: ”I think we need to continue to keep policy somewhat restrictive to bring inflation back down to target." November 20, 2025
Stephen Miran, Governor, permanent voter: "I would absolutely vote for a 25-basis-point cut if my vote were the marginal vote, there's no question about that." November 21, 2025		Philip Jefferson, Vice Chair, permanent voter: "The evolving balance of risks underscores the need to proceed slowly as we approach the neutral rate.” November 17, 2025	Alberto Musalem, St. Louis Fed President, 2025 voter: " I think we need to proceed and tread with caution.” November 13, 2025	Lorie Logan, Dallas Fed President, 2026 voter: "In the absence of clear evidence that justifies further easing, holding rates steady for a time would allow the FOMC to better assess the degree of restriction from current policy." November 21, 2025
		Lisa Cook, Governor, permanent voter: "The dual mandate is in tension, and I am attentive to both sets of risks." November 3, 2025	Neel Kashkari, Minneapolis Fed President, 2026 voter: "I can make a case depending on how the data goes to cut, I can make a case to hold, and we’ll have to see." November 13, 2025
		Michael Barr, Governor, permanent voter: No public comments on monetary policy since October 9, 2025.	Thomas Barkin, Richmond Fed President, 2027 voter: "I'm not in the world of saying 'holy cow, we've got to panic' on either side” of the Fed’s inflation and full-employment mandates. November 18 2025
		Anna Paulson, Philadelphia Fed President, 2026 voter: "I am approaching the December FOMC cautiously.” November 20, 2025	Raphael Bostic, Atlanta Fed President, non-voter, retiring February 2026: Labor market signals “are not clear enough to warrant an aggressive monetary policy response when weighed against the more straightforward risk of ongoing inflationary pressures." November 12, 2025

Notes: The current policy rate target range is 3.75%-4.00%. The median of Fed policymaker projections in September was for a reduction to 3.50%-3.75% by the end of 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
Dec. '25	3	1	6	6	3
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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