(Reuters) -The Federal Reserve cut the U.S. policy rate by a quarter-of-a-percentage point at its September 16-17 meeting and signaled some further gradual cuts ahead to support the labor market, despite still-elevated inflation.
Stephen Miran, the Fed Board's newest member and on unpaid leave as White House economic adviser, dissented and has argued for a sharply lower policy rate also called for by President Donald Trump.
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 Hawkish Hawk
t
Michelle Lisa Jerome Jeffrey Beth
Bowman, Cook, Powell, Schmid, Hammack
Vice Governor Fed Kansas ,
Chair of , Chair, City Clevela
Supervis permanen permane Fed nd Fed
ion, t voter: nt Preside Preside
permanen No voter: nt, nt,
t public "Near-t 2025 2026
voter: " comments erm voter: voter:
We are on risks "Some "I
at monetary to recent think
serious policy inflati data we
risk of or the on are suggest really
already economy tilted s a need to
being since to the growing maintai
behind August upside risk n a
the 6, and that restric
curve in 2025. risks the tive
addressi to labor stance
ng employm market of
deterior ent to may policy
ating the weaken so that
labor downsid more we can
market e - a substan get
conditio challen tially inflati
ns. ging or on back
Should situati abruptl down to
these on." y than our
conditio Sept I had goal."
ns 23, been Sept.
continue 2025 anticip 29,
, I am ating." 2025 Se
concerne Sept. ptember
d that 25, 29,
we will 2025 2025
need to
adjust
policy
at a
faster
pace and
to a
larger
degree
going
forward.
"
Septembe
r 26,
2025
Christop Mary John Lorie
her Daly, William Logan,
Waller, San s, New Dallas
Governor Francisc York Fed
, o Fed Fed Preside
permanen Presiden Preside nt,
t voter: t, 2027 nt, 2026
No voter: permane voter:
public "I think nt "We
comments a little voter: really
on bit more "We need to
monetary (rate-cu have a be
policy tting) balanci cautiou
since will be ng act s of
Septembe needed here." further
r 3, over Septemb rate
2025. time to er 29, cuts
get that 2025 from
interest here."
rate October
where 3, 2025
it's
balancin
g out
those
two
risks."
Septembe
r 25,
2025
Stephen Philip Raphael
Miran, Jeffers Bostic,
Governor on, Atlanta
, Vice Fed
permanen Chair, Preside
t voter: permane nt,
"My view nt 2027
is that voter: voter:
if "I see "I am
policy the concern
is out risks ed
of to about
whack, employm the
you ent as inflati
should tilted on that
adjust to the has
it at a downsid been
reasonab e and too
ly ... risks high
brisk to for a
pace." inflati long
Oct. 3, on to time...An
2025 the d so I
upside. today
" Oct. would
3, 2025 not be
moving
(the
policy
rate)
or in
favor
of it,
but
we'll
see
what
happens
."
Septemb
er 22,
2025
Michael Thomas
Barr, Barkin,
Governo Richmon
r, d Fed
permane Preside
nt nt,
voter: 2027
No voter:
public "The
comment downsid
s on e in
monetar the
y labor
policy market
since J should
une 26, be
2025. limited
... there
are
good
reasons
to
think
counter
vailing
forces
(on
inflati
on)
will
limit
the
downsid
e."
Septemb
er 29,
2025
Alberto
Musalem
, St.
Louis
Fed
Preside
nt,
2025
voter:
"I do
believe
we need
to move
cautiou
sly
because
the
room
between
now and
the
point
where
policy
becomes
overly
accommo
dative
is
limited
."
Sept.
29,
2025
Susan
Collins
,
Boston
Fed
Preside
nt,
2025
voter:
"Announ
cing
'oh
yeah,
we're
just
going
to...keep
going
until
we get
to
neutral
': that
seems
to me
to be a
scenari
o where
the
risks
to
inflati
on go
up, and
that's
not
consist
ent, I
think,
with
followi
ng
through
on our
mandate
."
Sept.
30,
2025
Austan
Goolsbe
e,
Chicago
Fed
Preside
nt,
2025
voter:
"I'm a
little
wary
about
front-l
oading
too
many
rate
cuts
and
just
countin
g on
the
inflati
on
going
away."
Oct. 3,
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 was for a half percentage point of further rate cuts this year, though nine of the 19 wanted 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