Fed hawks and doves: What US central bankers are saying

By Ann Saphir

Feb 11 (Reuters) - After cutting interest rates by three-quarters of a percentage point in 2025, Federal Reserve policymakers held the policy rate steady in January, citing a stabilizing job market and inflation that's stuck somewhat above the central bank's 2% target.

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 Beth

er Paulson, Powell, Lisa Hammack,

Waller, Philadelp Fed Cook, Cleveland

Governor, hia Fed Chair, Governor, Fed

permanent President permanent permanent President

voter: , 2026 voter: voter: , 2026

"There is voter: No "The "We put a voter:

considera public upside lot of "I'd

ble doubt remarks risks to easing prefer to

about on inflation into the err on

future monetary and the pipeline the side

employmen policy downside at the of

t growth since?Jan risks to end of patience

and (it) uary 14, employmen last ?year as we

suggests 2026.? t have and I assess

that a diminishe think the

substanti d. But that impact of

al they given recent

deteriora still where the rate

tion in exist ... labor reduction

the labor We ?think market s and

market is our is, where monitor

a policy is inflation how the

significa in a good is, this economy

nt risk." place." is the performs.

January January right "

30, 2026 28, 2026 time to February

? sit back 10, 2026

and wait

to see

what

happens."

February

4, 2026?

Stephen Mary John Neel Lorie

Miran, Daly, San Williams, Kashkari, Logan,

Governor, Francisco New York Minneapol Dallas

permanent Fed Fed is Fed Fed

voter: "I President President President President

think , 2027 , , 2026 , 2026

interest voter: "I permanent voter: No voter:

rates was voter: No public "Right

need to supportiv public remarks now, I am

be lower e of remarks on more

to (January' on monetary worried

accommoda s ?rate) monetary policy about

te the decision, policy since inflation

labor but since January remaining

market frankly, January 14, 2026. stubbornl

more, I I thought 12, 2026. y high."

think we you could February

are make ?a 10, 2026

seeing case for

some going

signs ... ahead ?and

of taking a

stress."? little

February more

9, 2026 off."

February

6, 2026

Michelle ? Philip Austan Jeffrey

Bowman, Jefferson Goolsbee, Schmid,

Vice , Vice Chicago Kansas

Chair for Chair, Fed City Fed

Supervisi permanent President President

on, voter: , 2027 , 2028

permanent "In this voter: No voter:

voter: less public "Further

"We dynamic remarks rate cuts

should labor on risk

also not market, monetary allowing

imply the policy high

that we downside since inflation

expect to risks to January to

maintain employmen 15, persist

the t remain, 2026.? even

current but my longer."

stance of baseline February

policy is for 11, 2026

for an the

extended unemploym

period of ent rate

time." to hold

January approxima

30, 2026 tely

steady

throughou

t this

year."?Fe

bruary 6,

2026

?

? ? Michael Thomas ?

Barr, Barkin,

Governor, Richmond

permanent Fed

voter: No President

public , 2027

comments voter: "I

on take this

monetary sustained

policy miss

since?Oct seriously

ober 9, . ...

2025. Today's

inflation

numbers,

regardles

s of the

'why,'

significa

ntly

influence

tomorrow'

s

inflation

."

February

3, ?2026

? ? Susan ?

Collins,

Boston

Fed

President

, 2028

voter:?

No public

remarks

on

monetary

policy

since

December

15,

2025.?

?

? ? ? Alberto ?

? Musalem,

St. Louis

Fed

President

, 2028

voter:

"With

inflation

above

target

and the

risks to

the

outlook

evenly

balanced,

I believe

it would

be

unadvisab

le to

lower the

rate into

accommoda

tive

territory

at this

time."

January

30, 2026

? ? ? Raphael ?

Bostic,

Atlanta

Fed

President

,

non-voter

,

retiring

February

2026:

"This is

the time

to be

patient."

February

6, ?2026

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 easing 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 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 top Fed job 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 Dovis Centr Hawki Hawk

Date h ist sh

March 3 2 4 7 3

'26

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.- 0 3 9 7 0

June

'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

throu

gh

July

'24

March 0 1 11 5 1

'24

Jan 0 2 9 4 1

'24

Dec 0 2 9 4 1

'23

Oct/N 0 2 7 5 2

ov

'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, Andrea Ricci and Paul Simao)