Fed hawks and doves: What US central bankers are saying

By Ann Saphir

March 6 (Reuters) - Federal Reserve policymakers are expected to hold short-term borrowing costs steady at their March 17-18 meeting, as they did in January, even as they weigh what the Iran conflict, higher oil prices, still-high inflation and a weakening labor market mean for policy at subsequent meetings.?

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:

"If the No upside a lot of "When I

labor public risks to easing look at

market remarks inflatio into the things

continue on n and pipeline broadly,

s to go monetary the at the to me it

weak ... policy downside end of seems

If we since?Ja risks to last like

get a nuary employme year and there

bad 14, nt have I think are

number 2026.? diminish that two-side

... the ed. But given d risks

question they where to

is 'why still the rates."?

are you exist labor March 6,

just ... We market 2026

sitting think is,

on your our where

hands?'" policy inflatio

March 6, is in a n is,

2026 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'm t, 2027 permanen t, 2026 voter:

hesitant voter: t voter: voter: "I see

to react "The "If "We need risks on

to hopes inflatio to see both

what's that the n with sides of

going on labor follows this new our

in oil market the path shock, mandate

until we was I potentia that we

know steadyin expect, lly a need to

more, g -- further new be

but if maybe reductio shock attentiv

anything that was ns in hitting e to."

it too much the the February

biases and we federal global 20, 2026

me really funds economy.

toward have to rate ..how

even keep our will long is

more eye on eventual the

dovish the ly be effect,

policy." labor warrante and how

March 6, market; d to big is

2026 but we prevent the

also monetary effect?"

have policy March 3,

inflatio from 2026????

n inadvert ?

printing ently

above becoming

target more

and oil restrict

prices ive."

rising." March 3,

March 6, 2026.

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

"Since labor some have

the market, confiden room to

January the ce rates be

meeting, downside can come complace

we've risks to down nt" on

started employme several inflatio

to see nt more n. March

some remain, times 3, 2026

more but my this

informat baseline year in

ion that is for 2026...I

is the just

pointing unemploy don't

a little ment want to

bit more rate to front-lo

to signs hold ad it

of approxim too much

stabiliz ately before

ing in steady we

the througho actually

labor ut this have the

market." year."?F evidence

March 5, ebruary that the

2026 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 "With

comments the PCE

on numbers

monetary that

policy we're

since?Oc expectin

tober 9, g next

2025. week,

you've

got a

couple

months

of

relative

ly high

inflatio

n. That

certainl

y puts

pause to

any

conclusi

on that

we're

done

fighting

this."

March 5,

2026

? ? Susan ?

Collins,

Boston

Fed

Presiden

t, 2028

voter:

"Based

on my

outlook

I see a

patient,

delibera

te

approach

as

appropri

ate...I

do not

see an

urgency

for

addition

al

policy

adjustme

nts."

March 6,

2026

?

? ? ? 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)