Fed hawks and doves: what US central bankers are saying

By Ann Saphir

(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 Hawkish Hawk

t

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August

28, 2025

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Miran, Daly, Jeffers Bostic,

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Septemb

er 22,

2025

    Michael Thomas  

Barr, Barkin,

Governo Richmon

r, d Fed

permane Preside

nt nt,

voter: 2027

No voter:

public “Consum

comment ers are

s on spendin

monetar g

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policy Why

since J wouldn’

une 26, t they?

2025. Unemplo

yment

is low,

real

wages

are

increas

ing,

and

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market

valuati

ons are

healthy

.” 

Septemb

er 22,

2025

    Alberto    

Musalem

, St.

Louis

Fed

Preside

nt,

2025

voter:

“I

believe

there

is

limited

room

for

easing

further

without

policy

becomin

g

overly

accommo

dative,

and we

should

tread

cautiou

sly.” 

Septemb

er 22,

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 percentage point of further rate cuts this year, though nine 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

(Reporting by Ann Saphir, Michael S. Derby and Howard Schneider; Editing by Chizu Nomiyama, Paul Simao and Andrea Ricci)