(Reuters) -The Federal Reserve left its policy rate in the 4.25%-4.50% range at its July 29-30 meeting to keep downward pressure on inflation, which remains above target.

Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller both dissented, arguing that the central bank should reduce borrowing costs to head off deterioration in the labor market.

President Donald Trump, who has berated Fed Chair Jerome Powell for not cutting rates, also took immediate exception to the decision.

Trump will soon get a chance to shape Fed decision-making more directly, with the appointment of a replacement for Governor Adriana Kugler, who is leaving her post this month, well ahead of the late-January expiration of her term. 

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

Michelle Lisa Jerome Jeffrey  

Bowman, Cook, Powell, Schmid,

Vice Governor, Fed Kansas

Chair of permanent Chair, City Fed

Supervisi voter: No permane President

on, public nt , 2025

permanent comments voter: voter: No

voter: A on "If you public

quarter-p monetary move comments

oint policy too on

interest- since soon, monetary

rate cut June 3, you policy

"would 2025. wind up since

have maybe June 24,

proactive not 2025

ly hedged getting

against a inflati

further on all

weakening the way

in the fixed

economy and you

and the have to

risk of come

damage to back.

the labor That's

market." ineffic

Aug 1, ient.

2025 If you

move

too

late,

you

might

do

unneces

sary

damage

to the

labor

market...

.in the

end,

there

should

be no

doubt

that we

will do

what we

need to

do to

keep

inflati

on

under

control

.

Ideally

, we do

it

efficie

ntly."

July

30,

2025

Christoph Austan John Alberto  

er Goolsbee, William Musalem,

Waller, Chicago s, New St. Louis

Governor, Fed York Fed

permanent President Fed President

voter: , 2025 Preside , 2025

"The wait voter: No nt, voter:

and see public permane "No

approach comments nt public

is overly on voter: comments

cautious, monetary "If the on

and, in policy data monetary

my since Jul are policy

opinion, y 18, progres since Jul

does not 2025.  sing in y 10,

properly a way 2025.

balance consist

the risks ent

to the with

outlook the

and could best

lead to achieve

policy ment of

falling our

behind goals-a

the nd to

curve." achieve

Aug. 1, that,

2025. and

balance

the

risks

best,

it

makes

sense

to

reduce

the

restric

tivenes

s of

monetar

y

policy,

then

that's

what we

should

do."

Aug 1,

2025

    Philip Neel  

Jeffers Kashkari,

on, Minneapol

Vice is Fed

Chair, President

permane , 2026

nt voter:

voter: Goods

No prices

public are going

comment up and

s on the

monetar economy

y is

policy slowing

since M and

ay 14, that's a

2025. real

  challenge

for the

Fed and

any

central

bank."

Aug. 1,

2025

    Michael Beth  

Barr, Hammack,

Governo Cleveland

r, Fed

permane President

nt , 2026

voter: voter: "I

No don't see

public a need to

comment really

s on reduce

monetar (interest

y rates)

policy unless we

since J see

une 26, material

2025. weakening

on the

labor

side."

July 14,

2025

    Adriana Lorie  

Kugler, Logan,

Governo Dallas

r, Fed

permane President

nt , 2026

voter: voter: No

Did not public

attend comments

the on

July monetary

Fed policy

meeting since

and July 15,

plans 2025. 

to

leave

the Fed

Aug. 8

to

return

to

academi

a. In

July

she

said

she

felt

the Fed

should 

hold

rates

steady

for

"some

time." 

    Susan Raphael  

Collins Bostic,

, Atlanta

Boston Fed

Fed President

Preside , 2027

nt, voter:

2025 "The

voter: numbers

No today and

public the

comment revisions

s on , in an

monetar important

y way,

policy suggest

since that

July maybe the

15, economy

2025. and the

labor

market

are

weakening

more

broadly ...

going

into this

week, I

thought

that the

risks to

inflation

were much

greater

than the

risk to

employmen

t." Aug.

1 2025

    Anna Thomas  

Paulson Barkin,

, Richmond

Philade Fed

lphia President

Fed , 2027

Preside voter: No

nt, public

2026 comments

voter: on

No monetary

public policy

remarks since

on June 26,

monetar 2025. 

y

policy

since

startin

g the

job

July 1,

2025.

    Mary    

Daly,

San

Francis

co Fed

Preside

nt,

2027

voter:

"I was

willing

to wait

another

cycle,

but I

can't

wait

forever

." Aug

1, 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 next publishes projections at its September meeting.

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