Fed hawks and doves: what US central bankers are saying

By Ann Saphir

(Reuters) -The Federal Reserve is expected to deliver its first interest-rate cut this year at its September 16-17 meeting, as it moves to counter a cooling labor market even as inflation remains above target.

The anticipated quarter-point reduction may not satisfy President Donald Trump, who wants a bigger cut and has named his White House economic advisor, Stephen Miran, in time to be on the Fed Board at the September meeting, pending Senate confirmation.

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 public comments and published remarks. For a breakdown of 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 Centri Hawkish Haw

st k

Michell Lisa Jerome Jeffrey  

e Cook, Powell Schmid,

Bowman, Governo , Fed Kansas

Vice r, Chair, City

Chair permane perman Fed

of nt ent Preside

Supervi voter: voter: nt,

sion, “This “With 2025

permane is policy voter:

nt concern in “I

voter: ing,” restri think

“My she ctive we’re

Summary said of territ in a

of the ory, really

Economi sharp the good

c downwar baseli spot

Project d ne and I

ions revisio outloo think

include ns to k and we

s three the the really

cuts Labor shifti have to

for Departm ng have

this ent’s balanc very

year, estimat e of definit

which es of risks ive

has recent may data to

been monthly warran be

consist job t moving

ent gains. adjust that

with my Aug 6, ing policy

forecas 2025 our right

t since policy now.”

last stance Aug 21,

Decembe .” Aug 2025

r, and 22,

the 2025

latest

labor

market

data

reinfor

ce my

view.”

Aug 9,

2025

Christo Austan John Beth  

pher Goolsbe Willia Hammack

Waller, e, ms, ,

Governo Chicago New Clevela

r, Fed York nd Fed

permane Preside Fed Preside

nt nt, Presid nt,

voter: 2025 ent, 2026

“I voter:  perman voter:

don’t “It’s a ent “For

believe live voter: me,

that a meeting “Every what

cut of for meetin the

larger me…I g is, decisio

than 25 haven’t from n

basis made-up my really

points my mind perspe comes

is on ctive, down to

needed that,” live is that

in Sept 4, (for a inflati

Septemb 2025 change on is

er … in the too

I Fed’s high

anticip policy … We

ate rate) need to

additio … maintai

nal risks n a

cuts are modestl

over more y

the in restric

next balanc tive

three e.” stance

to six Aug of

months, 27, policy

and the 2025 to get

pace of inflati

rate on back

cuts to

will be target.

driven ” Aug

by the 22,

incomin 2025

g

data.”

Aug 28,

2025

  Mary Philip Lorie  

Daly, Jeffer Logan,

San son, Dallas

Francis Vice Fed

co Fed Chair, Preside

Preside perman nt,

nt, ent 2026

2027 voter: voter:

voter: No No

“We public public

will commen comment

wait to ts on s on

see the moneta monetar

data ry y

and policy policy

maybe since  since

it’ll May July

be 14, 15,

fewer, 2025. 2025.

maybe  

it’ll

be

more,

but

ultimat

ely, I

think

two

(rate

cuts

this

year)

remains

a good

project

ion.”

Aug 15,

2025

    Michae Thomas  

l Barkin,

Barr, Richmon

Govern d Fed

or, Preside

perman nt,

ent 2027

voter: voter:

No “I see

public modest

commen movemen

ts on t in

moneta the

ry economy

policy … If

since  there’s

June modest

26, movemen

2025. t in

the

economy

, that

would

imply a

modest

adjustm

ent in

rates.”

Aug. 26

2025

    Albert Raphael  

o Bostic,

Musale Atlanta

m, St. Fed

Louis Preside

Fed nt,

Presid 2027

ent, voter:

2025 “The

voter: labor

“The market

curren is

t slowing

modest enough

ly that

restri some

ctive easing

settin in

g of policy

the –

policy probabl

rate y on

is the

consis order

tent of 25

with basis

today’ points

s – will

full-e be

mploym appropr

ent iate

labor over

market the

and remaind

core er of

inflat this

ion year.”

nearly Sept 3,

one 2025

percen

tage

point

above

the

Fed’s

2%

target

.” 

Sept

3,

2025

 

    Susan    

Collin

s,

Boston

Fed

Presid

ent,

2025

voter:

If

data

shows

“the

risks

of

worsen

ing

labor

market

condit

ions

relati

ve to

those

risks

of

elevat

ed

inflat

ion

…

then

it may

be

approp

riate

soon

to

begin

dialin

g

back”

intere

st

rates.

 Aug

21,

2025

    Neel    

Kashka

ri,

Minnea

polis

Fed

Presid

ent,

2026

voter:

“Infla

tion

is

still

too

high,

but at

the

same

time,

the

labor

market

is

showin

g some

signs

of

coolin

g, so

it’s,

we’re

gettin

g into

a

tricky

positi

on now

for

the

Fed.”

Sept

3,

2025  

    Anna    

Paulso

n,

Philad

elphia

Fed

Presid

ent,

2026

voter:

No

public

remark

s on

moneta

ry

policy

since

starti

ng the

job

July

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 meeting in September.

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 Miran, who is expected to join the Fed’s September meeting — were Trump picks. Three others — Barr, Jefferson and Cook, who is fighting Trump’s attempt to fire her — were picked by former President Joe Biden. Powell was nominated to the Board by President Barack Obama, elevated to be Fed chair by Trump in 2018, and renominated as Fed chair by Biden in 2022.

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 Dovis Centr Hawki Haw

Date h ist sh k

Sept 2 3 8 5 0

’25

July 1 3 8 7  0

’25

Jan.- 0 3 9 7 0

June

’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

throu

gh

July

’24

March 0 1 11 5 1

’24

Jan 0 2 9 4 1

’24

Dec 0 2 9 4 1

’23

Oct/N 0 2 7 5 2

ov

’23

Sept 0 4 3 6 3

’23

June 0 3 3 8 3

’23

March 0 2 3 10 2

’23

Dec 0 4 1 12 2

’22

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