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Fed hawks and doves: what US central bankers are saying
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Fed hawks and doves: what US central bankers are saying
Feb 11, 2025 1:00 PM

(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

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