Fed hawks and doves: What US central bankers are saying
By Ann Saphir
April 2 (Reuters) - Federal Reserve policymakers held short-term borrowing costs steady at their March 17-18 meeting, as they did in January. As a group they continued to pencil in one interest-rate cut this year, but the rate path is unusually uncertain given the Iran conflict and the surge in oil prices, Fed Chair Jerome Powell said.
Here is a look at Fed officials' recent comments, sorting them under the labels "dove" and "hawk" as shorthand for theirmonetary 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: "I just want to wait and see where this goes, and if things go reasonably well and the labor market continues to be weak, I would start advocating again for cutting the policy rate later this year." March 20, 2026
| Mary Daly, San Francisco Fed President, 2027 voter: "There is no single most-likely path...With policy in a good place, we need to remain flexible, able to respond to rapidly evolving risks." March 23, 2026 | Jerome Powell, Fed Chair, permanent voter: "We feel like our policy's in a good place for us to wait and see.” March 30, 2026 | Lisa Cook, Governor, permanent voter: "I would argue that the inflation risk is greater right now as a result of the Iran war." March 26, 2026 | Beth Hammack, Cleveland Fed President, 2026 voter: "When I look at things broadly, to me it seems like there are two-sided risks to rates." March 6, 2026 |
Stephen Miran, Governor, permanent voter: "I think that we could be about a point easier, gradually done over the course of a year." March 30, 2026 |
| John Williams, New York Fed President, permanent voter: “The current stance of monetary policy is well positioned to balance the risks to our maximum employment and price stability goals.” March 30, 2026 | Neel Kashkari, Minneapolis Fed President, 2026 voter: “We need to see with this new shock, potentially a new shock hitting the global economy...how long is the effect, and how big is the effect?” March 3, 2026 | Lorie Logan, Dallas Fed President, 2026 voter: "I think policy is positioned to adjust to the data as it's coming in, and we're prepared to make adjustments to the policy path as appropriate." April 2, 2026 |
Michelle Bowman, Vice Chair for Supervision, permanent voter: "I've written three cuts in for, before the end of 2026 to hopefully support the labor market." March 20, 2026 |
| Philip Jefferson, Vice Chair, permanent voter: “The current policy stance should continue to support the labor market while allowing inflation to resume its decline toward our 2% target as the effects of tariff pass-through are completed." March 26, 2026
| Austan Goolsbee, Chicago Fed President, 2027 voter: "At the moment I think inflation has got to be a little ahead of employment" as a Fed priority. March 23, 2026 | Jeffrey Schmid, Kansas City Fed President, 2028 voter: "I don’t think we can be complacent about the risks to inflation expectations.” March 31, 2026 |
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| Michael Barr, Governor, permanent voter: “I am particularly concerned that yet another price shock could increase longer-term inflation expectations.” March 26, 2026 | Thomas Barkin, Richmond Fed President, 2027 voter: "The hike case would be around inflation expectations starting to finally move....I don't have a sense that they've broken out at this point." March 31, 2026 |
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| Anna Paulson, Philadelphia Fed President, 2026 voter: ”There's a little bit more of a risk that the transmission of higher fuel prices, higher fertilizer prices, into inflation expectations is, you know, faster and maybe a little bit more durable….I'm worried about that.” March 27, 2026 | Susan Collins, Boston Fed President, 2028 voter: "Based on my outlook I see a patient, deliberate approach as appropriate...I do not see an urgency for additional policy adjustments." March 6, 2026
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| Alberto Musalem, St. Louis Fed President, 2028 voter: “I expect the current setting of the policy rate will remain appropriate for some time.” April 1, 2026 |
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Notes: The current policy rate target range is 3.50%-3.75%. The median of Fed policymaker projections in March was for one quarter-percentage-point cut by the end of 2026.
The Fed's seven governors, including the central bank chief and vice chairs, are nominated by the president and confirmed by the Senate. Each of them votes at every Federal Open Market Committee meeting, held eight times a year.
Miran, Waller and Bowman are Trump nominees. Barr, Jefferson and Cook - whom Trump is attempting to fire - were nominated by former President Joe Biden. Powell was initially nominated to the Fed's Board of Governors by former President Barack Obama, elevated to the top Fed job by Trump in his first term, and renominated to that position by Biden. Trump plans to nominate former Fed Governor Kevin Warsh to succeed Powell when his chair term ends in mid-May.
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.
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 |
April '26 | 3 | 1 | 5 | 6 | 3 |
March '26 | 3 | 2 | 4 | 6 | 3 |
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 |
