Fed hawks and doves: What US central bankers are saying

By Ann Saphir

Jan 22 (Reuters) – After cutting interest rates by three-quarters of a percentage point in 2025, Federal Reserve policymakers have signaled they will wait and see what happens with the economy before making another move. They are deeply divided between those who are worried that further easing could worsen inflation and those who feel that employment will suffer without lower interest rates.

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.

A graphic is also available. 

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.

Dove Dovish Centrist Hawkish Hawk

Christoph Anna Jerome Neel Beth

er Paulson, Powell, Kashkari, Hammack,

Waller, Philadelp Fed Minneapol Cleveland

Governor, hia Fed Chair, is Fed Fed

permanent President permanent President President

voter: , 2026 voter: , 2026 , 2026

“We just voter: “The fed voter: “I voter:

can “On net, funds don’t see “My base

steadily I am rate is any case is

kind of still a now impetus that we

bring the little within a to cut in can stay

policy more broad January.” here for

rate down concerned range of January some

towards about estimates 14, 2026 period of

neutral.” labor of its     time,

December market neutral until we

17, 2025 weakness value and get

  than we are clearer

about well evidence

upside positione that

risks to d to wait either

inflation to see inflation

.” how the is coming

December economy back down

12, 2025 evolves.” to target

December or the

10, 2025 employmen

t side is

weakening

more

materiall

y.”

December

21, 2025

Stephen Mary John Austan Lorie

Miran, Daly, San Williams, Goolsbee, Logan,

Governor, Francisco New York Chicago Dallas

permanent Fed Fed Fed Fed

voter: President President President President

”I’m , 2027 , , 2027 , 2026

looking voter: permanent voter: voter: No

for about “We will voter: “We have public

a point need to “Monetary to have comments

and a be policy is convincin on

half of deliberat now well g monetary

cuts e as we positione evidence policy

(this calibrate d to that since

year). A policy to support we’re on November

lot of achieve the path back 21, 2025.

that is both stabiliza to 2%

driven by price tion of inflation

my view stability the labor .”

of and full market January

inflation employmen and the 15, 2026

.” t.” return of  

January January inflation

8, 2026 15, 2026 to the

FOMC’s

longer-ru

n goal of

2%.”

January

12, 2026

Michelle   Philip Thomas Jeffrey

Bowman, Jefferson Barkin, Schmid,

Vice , Vice Richmond Kansas

Chair for Chair, Fed City Fed

Supervisi permanent President President

on, voter: , 2027 , 2028

permanent “The voter: voter: “I

voter: current “It is, I believe

“Absent a policy think, a that

clear and stance delicate cutting

sustained leaves us balance rates

improveme well right could

nt in positione now.” dispropor

labor d to January tionately

market determine 13, 2026 harm the

condition the inflation

s, we extent side of

should and our

remain timing of mandate

ready to additiona without

adjust l providing

policy to adjustmen much

bring it ts to our benefit

closer to policy to the

neutral.” rate employmen

January based on t side.”

16, 2026 the January

incoming 15, 2026

data, the

evolving

outlook,

and the

balance

of

risks.”

January

16, 2026

 

    Lisa Susan  

Cook, Collins,

Governor, Boston

permanent Fed

voter: No President

public , 2028

remarks voter:

on “It was

monetary important

policy to me

since that the

November forward

3,  guidance

2025.  in the

Committee

’s

statement

now

echoes

language

in the

December

2024

statement

, which

preceded

a pause

in

cutting

rates.”

December

15, 2025

    Michael Raphael  

Barr, Bostic,

Governor, Atlanta

permanent Fed

voter: No President

public ,

comments non-voter

on ,

monetary retiring

policy February

since Oct 2026:

ober 9, “Inflatio

2025. n is

still too

high….you

‘ve got

to get it

under

control,

and we

need to

be

laser-foc

used on

making

sure that

everythin

g we do

is

contribut

ing to

that.”

January

9, 2026

 

      Alberto  

  Musalem,

St. Louis

Fed

President

, 2028

voter: “I

see

little

reason

for

near-term

further

easing of

policy.”

January

13, 2026

Notes: The current policy rate target range is 3.50%-3.75%. The median of Fed policymaker projections in December was for one quarter-percentage point cut by the end of 2026, though only four of the 19 wanted exactly that, seven felt that less would be appropriate, and eight felt that more would be.

The Fed’s seven governors, including the central bank chief and vice chairs, are nominated by the president and confirmed by the Senate. Each of them 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 former President Joe Biden. Powell was initially nominated to the Fed’s Board of Governors by former President Barack Obama, elevated to the chair position by Trump in his first term, and renominated to that position 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.

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 Dovish Centri Hawkis Hawk

Date st h

Jan. 3 2 5 6 3

’26

Dec. 3 1 6 6 3

’25

Oct 3 2 9 4 1

’25

Sept 2 3 8 5 0

’25

July 1 3 8 7  0

’25

Jan.-J 0 3 9 7 0

une

’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

throug

h July

’24

March 0 1 11 5 1

’24

Jan 0 2 9 4 1

’24

Dec 0 2 9 4 1

’23

Oct/No 0 2 7 5 2

v ’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, Matthew Lewis, Paul Simao and Andrea Ricci)