Fed hawks and doves: What US central bankers are saying

ReutersJan 5, 2026 3:43 PM

By Ann Saphir

Jan 5 (Reuters) - After cutting interest rates by three-quarters of a percentage point in 2025, Federal Reserve policymakers have signaled they will wait and see what happens with the economy before making another move. They are deeply divided between those worried that further easing could worsen inflation and those who feel that without lower interest rates employment will suffer.

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.

A graphic is also available.

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.

Dove	Dovish	Centrist	Hawkish	Hawk
Christopher Waller, Governor, permanent voter: “We just can steadily kind of bring the policy rate down towards neutral.” December 17, 2025	Anna Paulson, Philadelphia Fed President, 2026 voter: "On net, I am still a little more concerned about labor market weakness than about upside risks to inflation.” December 12, 2025	Jerome Powell, Fed Chair, permanent voter: "The fed funds rate is now within a broad range of estimates of its neutral value and we are well positioned to wait to see how the economy evolves.” December 10, 2025	Neel Kashkari, Minneapolis Fed President, 2026 voter: "I think the inflation risk is one of persistence, that these tariff effects take multiple years to work their way through the system, whereas I do think there's a risk that the unemployment rate could pop from here.” January 5, 2026	Beth Hammack, Cleveland Fed President, 2026 voter: "My base case is that we can stay here for some period of time, until we get clearer evidence that either inflation is coming back down to target or the employment side is weakening more materially.” December 21, 2025
Stephen Miran, Governor, permanent voter: "I don't know whether we're here yet, or it would still take a couple more cuts to get there, but at some point, you start to become OK with steady 25-basis-point cuts instead of 50-basis-point cuts.” December 22, 2025	Mary Daly, San Francisco Fed President, 2027 voter: "This week’s FOMC decision was not an easy choice….I ultimately favored a rate cut.” December 12, 2025	John Williams, New York Fed President, permanent voter: "I don’t personally have a sense of urgency to need to act further on monetary policy right now." December 19, 2025	Austan Goolsbee, Chicago Fed President, 2027 voter: "By the end of next year we can, as long as we are hitting our marks on getting inflation back on path to 2%, I think that it's realistic that rates can come down a fair amount." December 18, 2025	Lorie Logan, Dallas Fed President, 2026 voter: No public comments on monetary policy since November 21, 2025.
Michelle Bowman, Vice Chair for Supervision, permanent voter: No public comments on monetary policy since October 14, 2025.		Philip Jefferson, Vice Chair, permanent voter: No public comments on monetary policy since November 17, 2025.	Thomas Barkin, Richmond Fed President, 2027 voter: No public comments on monetary policy since November 18, 2025.	Jeffrey Schmid, Kansas City Fed President, 2028 voter: “I see an economy that is showing momentum and inflation that is too hot, suggesting that policy is not overly restrictive.” December 12, 2025
		Lisa Cook, Governor, permanent voter: No public remarks on monetary policy since November 3, 2025.	Susan Collins, Boston Fed President, 2028 voter: “It was important to me that the forward guidance in the Committee’s statement now echoes language in the December 2024 statement, which preceded a pause in cutting rates.” December 15, 2025
		Michael Barr, Governor, permanent voter: No public comments on monetary policy since October 9, 2025.	Raphael Bostic, Atlanta Fed President, non-voter, retiring February 2026: “Moving monetary policy near or into accommodative territory, which further federal funds rate cuts will do, risks exacerbating already elevated inflation and untethering the inflation expectations of businesses and consumers.” December 16, 2025
			Alberto Musalem, St. Louis Fed President, 2028 voter: No public comments on monetary policy since November 13, 2025.

Notes: The current policy rate target range is 3.50%-3.75%. The median of Fed policymaker projections in December was for one quarter-of-a-percentage point cut by the end of 2026, though only 4 of the 19 wanted exactly that, 7 felt that less would be appropriate, and 8 felt that more would be.

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
Jan. '26	3	2	5	6	3
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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