Fed hawks and doves: what US central bankers are saying

By Ann Saphir

(Reuters) -President Donald Trump is deeply unhappy with the Federal Reserve after it again left its benchmark interest rate unchanged in the 4.25%-4.50% range at its June 17-18 meeting, and he is thinking about replacements for Fed Chair Jerome Powell some 10 months before the U.S. central bank chief's term expires.

With a recent Supreme Court opinion suggesting the Fed chief is insulated from Trump's repeated threats to fire him, the president is reported to be considering making an early announcement of his pick to succeed Powell, potentially as leverage to push for earlier or deeper rate cuts. The current policy views of the Fed's 19 policymakers, with most aligned with Powell, show how tall a task that would be for whomever Trump picks as his "shadow chair."

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 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 Centris Hawkish Haw

t k

Christoph Michelle Jerome Jeffrey ?

er Bowman, Powell, Schmid,

Waller, Vice Fed Kansas

Governor, Chair of Chair, City Fed

permanent Supervisi permane President

voter: on, nt , 2025

"I'm all permanent voter: voter:

in favor voter: "As "The

of saying "It is long as current

maybe we time to the posture

should consider U.S. of

start adjusting economy monetary

thinking the is in policy,

about policy solid which has

cutting rate." shape, been

the June 23, we character

policy 2025 think ized as

rate at that 'wait-and

the next the -see,' is

meeting, prudent appropria

because thing te." June

we don't to do 24, 2025

want to is to

wait wait

until the and

job learn

market more

tanks and see

before we what

start those

cutting effects

the might

policy be."

rate." July 1,

June 20, 2025

2025

? Lisa John Alberto ?

Cook, William Musalem,

Governor, s, New St. Louis

permanent York Fed

voter: No Fed President

public Preside , 2025

comments nt, voter: No

on permane public

monetary nt comments

policy voter: on

since "Mainta monetary

June?3, ining policy

2025. this since

modestl June 5,

y 2025.

restric

tive

stance

of

monetar

y

policy

is

entirel

y

appropr

iate to

achieve

our

maximum

employm

ent and

price

stabili

ty

goals."

June

24,

2025

? Austan Philip Neel ?

Goolsbee, Jeffers Kashkari,

Chicago on, Minneapol

Fed Vice is Fed

President Chair, President

, 2025 permane , 2026

voter: nt voter:

"Somewhat voter: "If we

surprisin No were to

gly, thus public cut in

far, the comment September

impact of s on and then

tariffs monetar the

has not y effects

been what policy of

people since?M tariffs

feared ay 14, showed up

... if 2025. this

the dirt ? fall, I

is out of believe

the air, we should

then I not be on

think we a preset

should easing

proceed" course."

with rate June 27,

cuts. 2025

June 23,

2025?

? ? Michael Beth ?

Barr, Hammack,

Governo Cleveland

r, Fed

permane President

nt , 2026

voter: voter:

"Moneta "The

ry risks

policy from

is well maintaini

positio ng the

ned to current

allow policy

us to setting

wait appear

and see low, and

how I don't

economi see a

c weakening

conditi in the

ons economy

unfold. that

" June would

26, merit

2025 imminent

rate

cuts."

June 24,

2025

? ? Adriana Lorie ?

Kugler, Logan,

Governo Dallas

r, Fed

permane President

nt , 2026

voter: voter: No

No public

public comments

comment on

s on monetary

monetar policy

y since

policy June 2,

since 2025.

June 5,

2025.

?

? ? Susan Raphael ?

Collins Bostic,

, Atlanta

Boston Fed

Fed President

Preside , 2027

nt, voter: "I

2025 would see

voter: the last

"While quarter

I (of the

continu year) is

e to sort of

expect when I

it will would

be expect we

appropr would

iate to know

resume enough to

gradual move."

policy June 25,

normali 2025

zation

later

this

year,

my

outlook

could

change

signifi

cantly

as

events

unfold.

" June

25,

2025

? ? Thomas ?

Barkin,

Anna Richmond

Paulson Fed

, President

Philade , 2027

lphia voter:

Fed "Given

Preside the

nt, strength

2026 in

voter: today's

No economy,

public we have

remarks time to

on track

monetar developme

y nts

policy patiently

since and allow

startin the

g the visibilit

job y to

July 1, improve."

2025. June 26,

2025

? ? Mary ? ?

Daly,

San

Francis

co Fed

Preside

nt,

2027

voter:

"We

cannot

wait so

long

that we

forget

that

the

fundame

ntals

of the

economy

are

moving

in a

directi

on

where

an

interes

t rate

adjustm

ent

might

be

necessa

ry."

June

20,

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's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Three - Waller, Bowman and Powell - are Trump nominees; the other four were nominated by President Joe Biden. Each of them votes at every Federal Open Market Committee meeting, 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. 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 recent Fed meetings.?

FOM Dov Dov Cen Haw Ha

C e ish tri kis wk

Dat st h

e

Jul 1 3 8 7 ?0

y

'25

Jan 0 3 9 7 0

.-J

une

'25

Dec 0 2 10 7 0

.

'24

Nov 0 0 13 5 0

.

'24

Sep 0 1 12 5 0

t

'24

May 0 1 10 6 1

thr

oug

h

Jul

y

'24

Mar 0 1 11 5 1

ch

'24

Jan 0 2 9 4 1

'24

Dec 0 2 9 4 1

'23

Oct 0 2 7 5 2

/No

v

'23

Sep 0 4 3 6 3

t

'23

Jun 0 3 3 8 3

e

'23

Mar 0 2 3 10 2

ch

'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)