Fed hawks and doves: What US central bankers are saying

By Ann Saphir

(Reuters) -The Federal Reserve cut the U.S. policy rate by a quarter-of-a-percentage point at its September 16-17 meeting and signaled some further gradual cuts ahead to support the labor market, despite still-elevated inflation.

Stephen Miran, the Fed Board's newest member and on unpaid leave as White House economic adviser, dissented and has argued for a sharply lower policy rate also called for by President Donald Trump.

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.

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, or click on the photos in this graphic.

Dove Dovish Centris Hawkish Hawk

t

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degree

going

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"

Septembe

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Christop Mary John Lorie ?

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get that 2025 from

interest here."

rate October

where 3, 2025

it's

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g out

those

two

risks."

Septembe

r 25,

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Oct. 3, on to time...An

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Septemb

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? ? Michael Thomas ?

Barr, Barkin,

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r, d Fed

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since?J should

une 26, be

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are

good

reasons

to

think

counter

vailing

forces

(on

inflati

on)

will

limit

the

downsid

e."

Septemb

er 29,

2025

? ? Alberto ? ?

Musalem

, St.

Louis

Fed

Preside

nt,

2025

voter:

"I do

believe

we need

to move

cautiou

sly

because

the

room

between

now and

the

point

where

policy

becomes

overly

accommo

dative

is

limited

."?

Sept.

29,

2025

?

? ? Susan ? ?

Collins

,

Boston

Fed

Preside

nt,

2025

voter:

"Announ

cing

'oh

yeah,

we're

just

going

to...keep

going

until

we get

to

neutral

': that

seems

to me

to be a

scenari

o where

the

risks

to

inflati

on go

up, and

that's

not

consist

ent, I

think,

with

followi

ng

through

on our

mandate

."

Sept.

30,

2025

? ? Austan ? ?

Goolsbe

e,

Chicago

Fed

Preside

nt,

2025

voter:

"I'm a

little

wary

about

front-l

oading

too

many

rate

cuts

and

just

countin

g on

the

inflati

on

going

away."

Oct. 3,

2025

? ? Neel ? ?

Kashkar

i,

Minneap

olis

Fed

Preside

nt,

2026

voter:

"I

believe

the

risk of

a sharp

increas

e in

unemplo

yment

warrant

s the

committ

ee

taking

some

action

to

support

the

labor

market.

"

Septemb

er 19,

2025???

? ? Anna ? ?

Paulson

,

Philade

lphia

Fed

Preside

nt,

2026

voter:

No

public

remarks

on

monetar

y

policy

since

startin

g the

job

July 1,

2025.

Notes: The current policy rate target range is 4.00%-4.25%. The median of Fed policymaker projections in September was for a half percentage point of further rate cuts this year, though nine of the 19 wanted less than that.?

The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Each 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 President Joe Biden. Powell was initially nominated to the Fed Board by President Barack Obama, elevated to chair by Trump in his first term, and renominated as chair 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 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 Dovi Cent Hawk Haw

Date sh rist ish k

Oct 3 3 8 4 1

'25

Sept 2 3 8 5 0

'25

July 1 3 8 7 ?0

'25

Jan. 0 3 9 7 0

-Jun

e

'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

thro

ugh

July

'24

Marc 0 1 11 5 1

h

'24

Jan 0 2 9 4 1

'24

Dec 0 2 9 4 1

'23

Oct/ 0 2 7 5 2

Nov

'23

Sept 0 4 3 6 3

'23

June 0 3 3 8 3

'23

Marc 0 2 3 10 2

h

'23

Dec 0 4 1 12 2

'22

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