Fed hawks and doves: what US central bankers are saying

By Ann Saphir

(Reuters) -President Donald Trump's administration has ramped up its pressure on Federal Reserve Chair Jerome Powell ahead of the U.S. central bank's July 29-30 policy meeting, with White House officials reviewing an ongoing $2.5 billion renovation project for compliance with planning requirements and Treasury Secretary Scott Bessent calling for an exhaustive review of the Fed's non-monetary operations, all while Trump continues to berate Powell for not cutting interest rates.

While a couple of Fed policymakers have made a case for reducing borrowing costs at the coming meeting, the current views of the Fed's 19 policymakers are mostly aligned with Powell, who has signaled a desire to wait for data through the summer to judge whether a reduction to the current 4.25%-4.50% policy rate range is warranted.

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

"It makes permanent voter: voter:

sense to voter: "As "The

cut the "It is long as current

FOMC's time to the posture

policy consider U.S. of

rate by adjusting economy monetary

25 basis the is in policy,

points policy solid which has

two weeks rate." shape, been

from June 23, we character

now." 2025 think ized as

July 17, that 'wait-and

2025 the -see,' is

prudent appropria

thing te." June

to do 24, 2025

is to

wait

and

learn

more

and see

what

those

effects

might

be."

July 1,

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:

on permane "Tariffs

monetary nt could

policy voter: have a

since "It's temporary

June?3, importa effect on

2025. nt to prices

note ... They

that could

it's also have

still a more

early persisten

days t impact

for the ... It is

effects possible

of I may be

tariffs able to

, which form a

take picture

time to by

come October,

into November,

full December.

force." " July

July 10, 2025

16,

2025

? Austan Philip Neel ?

Goolsbee, Jeffers Kashkari,

Chicago on, Minneapol

Fed Vice is Fed

President Chair, President

, 2025 permane , 2026

voter: nt voter:

"Overall, voter: "If we

I still No were to

think public cut in

that comment September

what's s on and then

under monetar the

there y effects

could policy of

lead since?M tariffs

rates to ay 14, showed up

be a fair 2025. this

bit lower ? fall, I

over the believe

next we should

year, not be on

kind of a preset

timeframe easing

." July course."

18, 2025? June 27,

2025

? ? Michael Beth ?

Barr, Hammack,

Governo Cleveland

r, Fed

permane President

nt , 2026

voter: voter: "I

"Moneta don't see

ry a need to

policy really

is well reduce

positio (interest

ned to rates)

allow unless we

us to see

wait material

and see weakening

how on the

economi labor

c side."

conditi July 14,

ons 2025

unfold.

" June

26,

2025

? ? Adriana Lorie ?

Kugler, Logan,

Governo Dallas

r, Fed

permane President

nt , 2026

voter: voter:

"I find "My base

it case is

appropr that

iate to we'll

hold need to

our keep

policy interest

rate at rates

the modestly

current restricti

level ve for

for some

some time."

time." July 15,

July 2025

17,

2025.

?

? ? Susan Raphael ?

Collins Bostic,

, Atlanta

Boston Fed

Fed President

Preside , 2027

nt, voter:

2025 "We are

voter: seeing

"An things

'active underlyin

ly g in the

patient economy

' that

approac suggest

h to inflation

monetar pressures

y are up

policy ... The

remains price

appropr pressures

iate at are

this real."

time."? July 16,

2025

? ? Anna Thomas ?

Paulson Barkin,

, Richmond

Philade Fed

lphia President

Fed , 2027

Preside voter:

nt, "Given

2026 the

voter: strength

No in

public today's

remarks economy,

on we have

monetar time to

y track

policy developme

since nts

startin patiently

g the and allow

job the

July 1, visibilit

2025. y to

improve."

June 26,

2025

? ? Mary ? ?

Daly,

San

Francis

co Fed

Preside

nt,

2027

voter:

"I

wouldn'

t want

to see

more

weaknes

s in

the

labor

market

... I

really

wouldn'

t want

to see

that,

which

is why

you

can't

wait

forever

"on

cutting

rates.

July

17,

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 former 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, Andrea Ricci and Paul Simao)