(Reuters) -President Donald Trump's administration has ramped up its pressure on Federal Reserve Chair Jerome Powell ahead of the U.S. central bank's July 29-30 policy meeting, with White House officials reviewing an ongoing $2.5 billion renovation project for compliance with planning requirements and Treasury Secretary Scott Bessent calling for an exhaustive review of the Fed's non-monetary operations, all while Trump continues to berate Powell for not cutting interest rates.
While a couple of Fed policymakers have made a case for reducing borrowing costs at the coming meeting, the current views of the Fed's 19 policymakers are mostly aligned with Powell, who has signaled a desire to wait for data through the summer to judge whether a reduction to the current 4.25%-4.50% policy rate range is warranted.
Here is a look at Fed officials' comments since their last policy meeting, 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 Centris Hawkish Haw
t k
Christoph Michelle Jerome Jeffrey
er Bowman, Powell, Schmid,
Waller, Vice Fed Kansas
Governor, Chair of Chair, City Fed
permanent Supervisi permane President
voter: on, nt , 2025
"It makes permanent voter: voter:
sense to voter: "As "The
cut the "It is long as current
FOMC's time to the posture
policy consider U.S. of
rate by adjusting economy monetary
25 basis the is in policy,
points policy solid which has
two weeks rate." shape, been
from June 23, we character
now." 2025 think ized as
July 17, that 'wait-and
2025 the -see,' is
prudent appropria
thing te." June
to do 24, 2025
is to
wait
and
learn
more
and see
what
those
effects
might
be."
July 1,
2025
Lisa John Alberto
Cook, William Musalem,
Governor, s, New St. Louis
permanent York Fed
voter: No Fed President
public Preside , 2025
comments nt, voter:
on permane "Tariffs
monetary nt could
policy voter: have a
since "It's temporary
June 3, importa effect on
2025. nt to prices
note ... They
that could
it's also have
still a more
early persisten
days t impact
for the ... It is
effects possible
of I may be
tariffs able to
, which form a
take picture
time to by
come October,
into November,
full December.
force." " July
July 10, 2025
16,
2025
Austan Philip Neel
Goolsbee, Jeffers Kashkari,
Chicago on, Minneapol
Fed Vice is Fed
President Chair, President
, 2025 permane , 2026
voter: nt voter:
"Overall, voter: "If we
I still No were to
think public cut in
that comment September
what's s on and then
under monetar the
there y effects
could policy of
lead since M tariffs
rates to ay 14, showed up
be a fair 2025. this
bit lower fall, I
over the believe
next we should
year, not be on
kind of a preset
timeframe easing
." July course."
18, 2025 June 27,
2025
Michael Beth
Barr, Hammack,
Governo Cleveland
r, Fed
permane President
nt , 2026
voter: voter: "I
"Moneta don't see
ry a need to
policy really
is well reduce
positio (interest
ned to rates)
allow unless we
us to see
wait material
and see weakening
how on the
economi labor
c side."
conditi July 14,
ons 2025
unfold.
" June
26,
2025
Adriana Lorie
Kugler, Logan,
Governo Dallas
r, Fed
permane President
nt , 2026
voter: voter:
"I find "My base
it case is
appropr that
iate to we'll
hold need to
our keep
policy interest
rate at rates
the modestly
current restricti
level ve for
for some
some time."
time." July 15,
July 2025
17,
2025.
Susan Raphael
Collins Bostic,
, Atlanta
Boston Fed
Fed President
Preside , 2027
nt, voter:
2025 "We are
voter: seeing
"An things
'active underlyin
ly g in the
patient economy
' that
approac suggest
h to inflation
monetar pressures
y are up
policy ... The
remains price
appropr pressures
iate at are
this real."
time." July 16,
2025
Anna Thomas
Paulson Barkin,
, Richmond
Philade Fed
lphia President
Fed , 2027
Preside voter:
nt, "Given
2026 the
voter: strength
No in
public today's
remarks economy,
on we have
monetar time to
y track
policy developme
since nts
startin patiently
g the and allow
job the
July 1, visibilit
2025. y to
improve."
June 26,
2025
Mary
Daly,
San
Francis
co Fed
Preside
nt,
2027
voter:
"I
wouldn'
t want
to see
more
weaknes
s in
the
labor
market
... I
really
wouldn'
t want
to see
that,
which
is why
you
can't
wait
forever
"on
cutting
rates.
July
17,
2025
Notes: The current policy rate target range is 4.25%-4.50%. The median of Fed policymaker projections in June was for half a percentage point of rate cuts this year, though seven of the 19 projected no cuts at all.
The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Three - Waller, Bowman and Powell - are Trump nominees; the other four were nominated by former President Joe Biden. Each of them votes at every Federal Open Market Committee meeting, 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. 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 recent Fed meetings.
FOM Dov Dov Cen Haw Ha
C e ish tri kis wk
Dat st h
e
Jul 1 3 8 7 0
y
'25
Jan 0 3 9 7 0
.-J
une
'25
Dec 0 2 10 7 0
.
'24
Nov 0 0 13 5 0
.
'24
Sep 0 1 12 5 0
t
'24
May 0 1 10 6 1
thr
oug
h
Jul
y
'24
Mar 0 1 11 5 1
ch
'24
Jan 0 2 9 4 1
'24
Dec 0 2 9 4 1
'23
Oct 0 2 7 5 2
/No
v
'23
Sep 0 4 3 6 3
t
'23
Jun 0 3 3 8 3
e
'23
Mar 0 2 3 10 2
ch
'23
Dec 0 4 1 12 2
'22