Fed hawks and doves: What US central bankers are saying

By Ann Saphir

Jan 6 (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 think the "My base

steadily I am rate ?is inflation case is

kind of still a now risk is that we

bring the little within a one of can stay

policy more broad persisten here for

rate ?down concerned range of ce, that some

towards about estimates these period of

neutral." labor of its tariff time,

December market neutral effects until we

17, 2025 weakness value and take get

? than we are multiple clearer

about well years to evidence

upside positione work that

risks to d to wait their way either

inflation to see through inflation

." how the the is coming

December economy system, back down

12, 2025 evolves." whereas I to target

December do think or the

10, 2025 there's a employmen

risk that t side is

the weakening

unemploym more

ent rate materiall

could pop y."

from December

here." 21, 2025

January

5, 2026

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

"Well , 2027 , , 2027 , 2026

over 100 voter: permanent voter: voter: No

basis "This voter: "I "By the public

points of week's don't end of comments

cuts are FOMC personall next ?year on

going to decision y have ?a we can, monetary

be was not sense of as long policy

justified an easy urgency as we are since

this choice. to need hitting November

year." ... I to act our marks 21, 2025.

January ultimatel further on

6, 2026 y favored on getting

a rate monetary inflation

cut." policy back on

December right path to

12, 2025 now." 2%, I

December think

19, 2025 that it's

realistic

that

rates can

come down

a fair

amount."

December

18, 2025

?

Michelle ? Philip Thomas Jeffrey

Bowman, Jefferson Barkin, Schmid,

Vice , Vice Richmond Kansas

Chair for Chair, Fed City Fed

Supervisi permanent President President

on, voter: No , 2027 , 2028

permanent public voter: voter: "I

voter: No comments "Going see an

public on forward, economy

comments monetary policy that is

on policy will showing

monetary since require momentum

policy November finely and

since?Oct 17, 2025. tuned inflation

ober ?14, ? judgments that is

2025.? balancing too hot,

progress suggestin

on each g that

side of policy is

our not

mandate." overly

January restricti

6, 2026 ve."

December

12, 2025

? ? 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, "Moving

2025.? monetary

policy

near or

into

accommoda

tive

territory

, which

further

federal

funds

rate cuts

will do,

risks

exacerbat

ing

already

elevated

inflation

and

untetheri

ng the

inflation

expectati

ons of

businesse

s and

consumers

."

December

16, 2025

?

? ? ? Alberto ?

? Musalem,

St. Louis

Fed

President

, 2028

voter: No

public

comments

on

monetary

policy

since

November

13, 2025.

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, Andrea Ricci and Paul Simao)