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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
Sep 21, 2025 3:17 AM

(Reuters) -The Federal Reserve delivered a widely expected quarter-of-a-percentage point rate cut at its September 16-17 meeting and signaled some further gradual cuts ahead to support the labor market even as inflation remains above target. Stephen Miran, the Fed Board's newest member and on unpaid leave as White House economic advisor, dissented and signaled support for a sharply lower policy rate, which President Donald Trump has pushed for. 

Here is a look at Fed officials' recent comments, 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 public comments and published remarks. To see how Reuters' counts in each category have changed, please scroll to the bottom of this story, or click on the photos in this graphic.

Dove Dovish Centris Hawki Hawk

t sh

Michelle Lisa Jerome Jeffr Beth

Bowman, Cook, Powell, ey Hammac

Vice Governor Fed Schmi k,

Chair of , Chair, d, Clevel

Supervis permanen permane Kansa and

ion, t voter: nt s Fed

permanen "This is voter: City Presid

t voter: concerni "The Fed ent,

"My ng," she labor Presi 2026

Summary said of market dent, voter:

of the is 2025 "For

Economic sharp softeni voter me,

Projecti downward ng and : "I what

ons revision we think the

includes s to the don't we're decisi

three Labor need it in a on

cuts for Departme to reall really

this nt's soften y comes

year, estimate anymore good down

which s of ... So we spot to is

has been recent use our and I that

consiste monthly tools. think inflat

nt with job And it we ion is

my gains. starts reall too

forecast August with a y high

since 6, 2025 25 have ... We

last basis to need

December point have to

, and rate very mainta

the cut." defin in a

latest Septemb itive modest

labor er 17, data ly

market 2025 to be restri

data movin ctive

reinforc g stance

e my that of

view." polic policy

August y to get

9, 2025 right inflat

now." ion

Augus back

t 21, to

2025 target

."

August

22,

2025

Christop Austan John Lorie  

her Goolsbee William Logan

Waller, , s, New ,

Governor Chicago York Dalla

, Fed Fed s Fed

permanen Presiden Preside Presi

t voter: t, 2025 nt, dent,

"I don't voter: " permane 2026

believe It's a nt voter

that a live voter: : No

cut of meeting "Every publi

larger for me...I meeting c

than 25 haven't is, comme

basis made-up from my nts

points my mind perspec on

is on tive, monet

needed that," live ary

in Septembe (for a polic

Septembe r 4, change y

r ... I 2025 in the since

anticipa Fed's July

te policy 15,

addition rate) 2025.

al cuts ...

over the risks

next are

three to more in

six balance

months, ."

and the August

pace of 27,

rate 2025

cuts

will be

driven

by the

incoming

data."

August

28, 2025

Mary Philip Rapha  

Daly, Jeffers el

Stephen San on, Bosti

Miran, Francisc Vice c,

Governor o Fed Chair, Atlan

, Presiden permane ta

permanen t, 2027 nt Fed

t voter: voter: voter: Presi

" "We will No dent,

wait to public 2027

I see the comment voter

don't data and s on :

see very maybe monetar "The

signific it'll be y labor

ant fewer, policy marke

tariff maybe since M t is

inflatio it'll be ay 14, slowi

n...I more, 2025. ng

see but   enoug

disinfla ultimate h

tion ly, I that

coming think some

from two easin

border (rate g in

policies cuts polic

...I this y -

don't year) proba

see a remains bly

reason a good on

for projecti the

being so on." order

far from August of 25

15, 2025 basis

point

neutral s -

will

at be

the appro

moment." priat

Septembe e

r 19, over

2025 the

remai

nder

of

this

year.

"

Septe

mber

3,

2025

    Michael Thoma  

Barr, s

Governo Barki

r, n,

permane Richm

nt ond

voter: Fed

No Presi

public dent,

comment 2027

s on voter

monetar : "I

y see

policy modes

since J t

une 26, movem

2025. ent

in

the

econo

my

...

If

there

's

modes

t

movem

ent

in

the

econo

my,

that

would

imply

a

modes

t

adjus

tment

in

rates

."

Augus

t 26,

2025

    Alberto    

Musalem

, St.

Louis

Fed

Preside

nt,

2025

voter:

"The

current

modestl

y

restric

tive

setting

of the

policy

rate is

consist

ent

with

today's

full-em

ploymen

t labor

market

and

core

inflati

on

nearly

one

percent

age

point

above

the

Fed's

2%

target.

Septemb

er 3,

2025

 

    Susan    

Collins

,

Boston

Fed

Preside

nt,

2025

voter:

If data

shows

"the

risks

of

worseni

ng

labor

market

conditi

ons

relativ

e to

those

risks

of

elevate

d

inflati

on ...

then it

may be

appropr

iate

soon to

begin

dialing

back"

interes

t

rates. 

August

21,

2025

    Neel    

Kashkar

i,

Minneap

olis

Fed

Preside

nt,

2026

voter:

"I

believe

the

risk of

a sharp

increas

e in

unemplo

yment

warrant

s the

committ

ee

taking

some

action

to

support

the

labor

market.

"

Septemb

er 19,

2025   

    Anna    

Paulson

,

Philade

lphia

Fed

Preside

nt,

2026

voter:

No

public

remarks

on

monetar

y

policy

since

startin

g the

job

July 1,

2025.

Notes: The current policy rate target range is 4.00%-4.25%. The median of Fed policymaker projections in September is for a half of a percentage point further of rate cuts this year, though 9 of the 19 want less than that. 

The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Each votes at every Federal Open Market Committee meeting, held eight times a year.

Miran, Waller and Vice Chair Bowman are Trump nominees. Barr, Jefferson and Cook - whom Trump is attempting to fire -   were nominated by President Joe Biden. Powell was initially nominated to the Fed Board by President Barack Obama, elevated to chair by Trump in his first term, and renominated as chair by Biden.

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 Fed meetings. 

FOMC Dove Dovi Cent Hawk Haw

Date sh rist ish k

Oct 3 3 8 4 1

'25

Sept 2 3 8 5 0

'25

July 1 3 8 7  0

'25

Jan. 0 3 9 7 0

-Jun

e

'25

Dec. 0 2 10 7 0

'24

Nov. 0 0 13 5 0

'24

Sept 0 1 12 5 0

'24

May 0 1 10 6 1

thro

ugh

July

'24

Marc 0 1 11 5 1

h

'24

Jan 0 2 9 4 1

'24

Dec 0 2 9 4 1

'23

Oct/ 0 2 7 5 2

Nov

'23

Sept 0 4 3 6 3

'23

June 0 3 3 8 3

'23

Marc 0 2 3 10 2

h

'23

Dec 0 4 1 12 2

'22

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