(Reuters) -U.S. central bankers paused interest-rate cuts at their January 28-29 meeting, noting bumpy progress toward their 2% inflation goal, a still-strong labor market, and a lot of uncertainty over tariffs, tax cuts, and other economic policies under President Donald Trump.
Here is a look at their comments since then, 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 comments and published remarks; for more, click on the photos in this graphic. For a breakdown of how Reuters’ counts in each category have changed, please scroll to the bottom of this story.
Dove Dovish Centrist Hawkish Hawk
Christopher Jerome Powell, Michelle Bowman,
Waller, Governor, Fed Chair, Governor,
permanent voter: permanent permanent voter:
No public voter: “We do “I continue to
comments on not need to be see upside risks
monetary policy in a hurry to to inflation….I
since Jan 2025. adjust our continue to
policy stance.” prefer a cautious
Feb 11, 2025 and gradual
approach to
adjusting
policy.” Jan 31,
2025
Lisa Cook, John Williams,
Governor, New York Fed Jeffrey Schmid,
permanent voter: President, Kansas City Fed
No public permanent President, 2025
comments on voter: No voter: No public
monetary policy public comments comments on
since Jan 2025. on monetary monetary policy
policy since since
Jan 2025. Jan
2025.
Austan Goolsbee, Philip Alberto Musalem,
Chicago Fed Jefferson, Vice St. Louis Fed
President, 2025 Chair, President, 2025
voter: “I think permanent voter: No public
we’re on path voter: “We can comments on
back to 2% on the be patient and monetary policy
inflation wait to see the since Jan 2025.
side…And as that net effect of
inflation comes any policy
down, we can changes by the
commensurately be current
cutting the administration.
interest rate.” ” Feb 5, 2025
Feb 7, 2025
Michael Barr, Beth Hammack,
Vice Chair of Cleveland Fed
Supervision, President, 2026
permanent voter: “Given
voter: No current economic
public comments conditions, it
on monetary will likely be
policy since appropriate to
May 2024. hold the funds
rate steady for
some time.” Feb
11, 2025
Adriana Kugler, Lorie Logan,
Governor, Dallas Fed
permanent President, 2026
voter: “The voter: “If
prudent step is inflation comes
to hold the in close to 2% in
federal funds coming months…it
rate where it wouldn’t
is for some necessarily allow
time.” Feb 7, the FOMC to cut
2025 rates soon.” Feb
6, 2025
Susan Collins, Neel Kashkari,
Boston Fed Minneapolis Fed
President, 2025 President, 2026
voter: “It’s voter: “We’re in
really a very good place
appropriate for to just sit here
policy to be until we get a
patient, lot more
careful, and information on
there’s no the tariff front,
urgency for on the
making immigration
additional front, on the tax
adjustments.” front, etc.” Feb
Feb 3, 2025 7, 2025
Patrick Harker, Thomas Barkin,
Philadelphia Richmond Fed
Fed President, President, 2027
2026 voter: No voter: “I start
public comments with a baseline
on monetary that is pretty
policy since favorable (to
Jan 2025. further
interest-rate
cuts)….That is
certainly the
lean.” Feb 5,
2025
Raphael Bostic,
Atlanta Fed
President, 2027
voter: ”There
are a lot of
things I am
going to wait
and see about
… I’d be very
satisfied to
wait for a
while.” Feb 3,
2025
Mary Daly, San
Francisco Fed
President, 2027
voter:
“Uncertainty is
not paralysis.
It just means
you have to
watch and be
careful and
thoughtful as
you navigate
the information
we have.” Feb
4, 2025
Notes: The current policy rate target range is 4.25%-4.50%. As of December, Fed policymakers projected half of a percentage point of rate cuts this year, less than in 2024; they next publish projections at their March 18-19 meeting.
The seven Fed governors, including the Fed chief and vice chairs, have permanent votes at the Federal Open Market Committee meetings, which are held eight times a year. 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.
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 recent Fed meetings.
FOMC Date Dove Dovish Centrist Hawkish Hawk
Jan. ’25 0 3 9 7 0
Dec. ’24 0 2 10 7 0
Nov. ’24 0 0 13 5 0
Sept ’24 0 1 12 5 0
May through July ’24 0 1 10 6 1
March ’24 0 1 11 5 1
Jan ’24 0 2 9 4 1
Dec ’23 0 2 9 4 1
Oct/Nov ’23 0 2 7 5 2
Sept ’23 0 4 3 6 3
June ’23 0 3 3 8 3
March ’23 0 2 3 10 2
Dec ’22 0 4 1 12 2
(Reporting by Ann Saphir, Michael S. Derby and Howard Schneider; Editing by Paul Simao and Andrea Ricci)
