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Fed hawks and doves: what US central bankers are saying
2025-02-12 10:25:10

(Reuters) -U.S. central bankers paused interest-rate cuts at their January 28-29 meeting, noting bumpy progress toward their 2% inflation goal, a still-strong labor market, and a lot of uncertainty over tariffs, tax cuts, and other economic policies under President Donald Trump.


Here is a look at their comments since then, 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 comments and published remarks; for more, click on the photos in this graphic. For a breakdown of how Reuters' counts in each category have changed, please scroll to the bottom of this story. 


Dove Dovish Centrist Hawkish Hawk


  Christopher Jerome Powell, Michelle Bowman,  


Waller, Governor, Fed Chair, Governor,


permanent voter: permanent permanent voter:


No public voter: "We do "I continue to


comments on not need to be see upside risks


monetary policy in a hurry to to inflation….I


since Jan 2025. adjust our continue to


policy stance." prefer a cautious


Feb 11, 2025 and gradual


  approach to


adjusting


policy.” Jan 31,


2025


  Lisa Cook, John Williams,  


Governor, New York Fed Jeffrey Schmid,


permanent voter: President, Kansas City Fed


No public permanent President, 2025


comments on voter: No voter: No public


monetary policy public comments comments on


since Jan 2025. on monetary monetary policy


policy since since


Jan 2025. Jan


2025.


 


  Austan Goolsbee, Philip Alberto Musalem,  


Chicago Fed Jefferson, Vice St. Louis Fed


President, 2025 Chair, President, 2025


voter: "I think permanent voter: No public


we're on path voter: “We can comments on


back to 2% on the be patient and monetary policy


inflation wait to see the since Jan 2025.


side…And as that net effect of


inflation comes any policy


down, we can changes by the


commensurately be current


cutting the administration.


interest rate." ” Feb 5, 2025


Feb 7, 2025  


    Michael Barr, Beth Hammack,  


Vice Chair of Cleveland Fed


Supervision, President, 2026


permanent voter: "Given


voter: No current economic


public comments conditions, it


on monetary will likely be


policy since appropriate to


May 2024. hold the funds


rate steady for


some time.” Feb


11, 2025


    Adriana Kugler, Lorie Logan,  


Governor, Dallas Fed


permanent President, 2026


voter: “The voter: “If


prudent step is inflation comes


to hold the in close to 2% in


federal funds coming months…it


rate where it wouldn’t


is for some necessarily allow


time." Feb 7, the FOMC to cut


2025 rates soon.” Feb


6, 2025


    Susan Collins, Neel Kashkari,  


Boston Fed Minneapolis Fed


President, 2025 President, 2026


voter: "It's voter: "We're in


really a very good place


appropriate for to just sit here


policy to be until we get a


patient, lot more


careful, and information on


there's no the tariff front,


urgency for on the


making immigration


additional front, on the tax


adjustments." front, etc.” Feb


Feb 3, 2025 7, 2025


    Patrick Harker, Thomas Barkin,  


Philadelphia Richmond Fed


Fed President, President, 2027


2026 voter: No voter: "I start


public comments with a baseline


on monetary that is pretty


policy since favorable (to


Jan 2025. further


interest-rate


cuts)....That is


certainly the


lean." Feb 5,


2025


    Raphael Bostic,    


Atlanta Fed


President, 2027


voter: ”There


are a lot of


things I am


going to wait


and see about


... I'd be very


satisfied to


wait for a


while.” Feb 3,


2025


    Mary Daly, San    


Francisco Fed


President, 2027


voter:


“Uncertainty is


not paralysis.


It just means


you have to


watch and be


careful and


thoughtful as


you navigate


the information


we have.” Feb


4, 2025


Notes: The current policy rate target range is 4.25%-4.50%. As of December, Fed policymakers projected half of a percentage point of rate cuts this year, less than in 2024; they next publish projections at their March 18-19 meeting. 


The seven Fed governors, including the Fed chief and vice chairs, have permanent votes at the Federal Open Market Committee meetings, which are held eight times a year. 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. 


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 recent Fed meetings. 


FOMC Date Dove Dovish Centrist Hawkish Hawk


Jan. '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