Fed hawks and doves: What US central bankers are saying

By Ann Saphir

March 3 (Reuters) - Federal Reserve policymakers are expected to hold short-term borrowing costs steady at their March 17-18 meeting, as they did in January.?

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

Christop Anna Jerome Lisa Beth

her Paulson, Powell, Cook, Hammack,

Waller, Philadel Fed Governor Clevelan

Governor phia Fed Chair, , d Fed

, Presiden permanen permanen Presiden

permanen t, 2026 t voter: t voter: t, 2026

t voter: voter: "The "We put voter:

"I can't No upside a lot of "I think

dismiss public risks to easing we're

the remarks inflatio into the supposed

possibil on n and pipeline to stay

ity that monetary the at the on hold

the policy downside end of right

labor since?Ja risks to last here,

market nuary employme year and we're

data has 14, nt have I think supposed

pivoted? 2026.? diminish that to wait

to a ed. But given and

more they where see."

solid still the February

footing. exist labor 11, 2026

" ... We market

February think is,

23, 2026 our where

? policy inflatio

is in a n is,

good this is

place." the

January right

28, 2026 time to

sit back

and wait

to see

what

happens.

"

February

4, 2026?

Stephen Mary John Neel Lorie

Miran, Daly, Williams Kashkari Logan,

Governor San , New , Dallas

, Francisc York Fed Minneapo Fed

permanen o Fed Presiden lis Fed Presiden

t voter: Presiden t, Presiden t, 2026

"I think t, 2027 permanen t, 2026 voter:

it's way voter: t voter: voter: "I see

too "Our "If "We need risks on

early to price inflatio to see both

sort of stabilit n with sides of

sound y and follows this new our

the full the path shock, mandate

all-clea employme I potentia that we

r that nt both expect, lly a need to

the seem to further new be

labor be in a reductio shock attentiv

market good ns in hitting e to."

doesn't place, the the February

need policy federal global 20, 2026

more is in a funds economy.

support good rate ..how

from the place." will long is

Federal February eventual the

Reserve. 19, 2026 ly be effect,

..I warrante and how

really d to big is

do not prevent the

think monetary effect?"

that we policy March 3,

have an from 2026? ?

inflatio inadvert ?

n ently

problem. becoming

" more

February restrict

26, 2026 ive."

March 3,

2026.

Michelle ? Philip Austan Jeffrey

Bowman, Jefferso Goolsbee Schmid,

Vice n, Vice , Kansas

Chair Chair, Chicago City Fed

for permanen Fed Presiden

Supervis t voter: Presiden t, 2028

ion, "In this t, 2027 voter:

permanen less voter: "I don't

t voter: dynamic "I have think we

"We labor some have

should market, confiden room to

also not the ce rates be

imply downside can come complace

that we risks to down nt" on

expect employme several inflatio

to nt more n. March

maintain remain, times 3, 2026

the but my this

current baseline year in

stance is for 2026...I

of the just

policy unemploy don't

for an ment want to

extended rate to front-lo

period hold ad it

of approxim too much

time." ately before

January steady we

30, 2026 througho actually

ut this have the

year."?F evidence

ebruary that the

6, 2026 inflatio

? n is

headed"

back

down to

the

Fed's 2%

goal.

February

26, 2026

? ? Michael Thomas ?

Barr, Barkin,

Governor Richmond

, Fed

permanen Presiden

t voter: t, 2027

No voter:

public "I take

comments this

on sustaine

monetary d miss

policy seriousl

since?Oc y. ...

tober 9, Today's

2025. inflatio

n

numbers,

regardle

ss of

the

'why,'

signific

antly

influenc

e

tomorrow

's

inflatio

n."

February

3, 2026

? ? Susan ?

Collins,

Boston

Fed

Presiden

t, 2028

voter:?

No

public

remarks

on

monetary

policy

since

December

15,

2025.?

?

? ? ? Alberto ?

? Musalem,

St.

Louis

Fed

Presiden

t, 2028

voter:

"You

could

have a

risk of

the

labor

market

to

deterior

ate

further;

it's not

my base

case,

but I

think it

could

happen...t

here is

a

possibil

ity that

inflatio

n could

stay

higher

than we

would

all like

it to be

for

longer

...

these

two

risks in

my

assessme

nt are

roughly

balanced

right

now."

February

25, 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.

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. Trump plans to nominate former Fed Governor Kevin Warsh to succeed Powell when his chair term ends in mid-May.

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 6 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./ 0 2 7 5 2

Nov.

'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, Paul Simao and Andrea Ricci)