Fed hawks and doves: What US central bankers are saying

By Ann Saphir

April 21 (Reuters) - Federal Reserve policymakers are expected to again hold short-term borrowing costs steady when they next meet April 29-30. Most Fed policymakers say a reduction in the policy rate is still a possibility but it depends on how long the Iran conflict and higher oil prices last.?

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

Stephen Christop Jerome Lisa Beth

Miran, her Powell, Cook, Hammack,

Governor Waller, Fed Governor Clevelan

, Governor Chair, , d Fed

permanen , permanen permanen Presiden

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

?"I t voter: "We feel "I would voter:

might "I see a like our argue "My

have forecast policy's that the baseline

three in which in a inflatio is that

(rate underlyi good n risk we're

cuts), I ng place is going to

might inflatio for us greater remain

have n would to wait right on hold

four, I continue and now as a for a

haven't to move see." result good

made up toward March of the while,

my 2%, 30, 2026 Iran but I do

mind." leaving war." think

April me March that

16, 2026 cautious 26, 2026 there's

? about two-side

rate d risk

cuts now to

and more rates."

inclined April

toward 15, 2026

cuts to

support

the

labor

market

later

this

year

when the

outlook

is more

steady."

April

17, 2026

Michelle ? John Neel Lorie

Bowman, Williams Kashkari Logan,

Vice , New , Dallas

Chair York Fed Minneapo Fed

for Presiden lis Fed Presiden

Supervis t, Presiden t, 2026

ion, permanen t, 2026 voter:

permanen t voter: voter: "I think

t voter: "Because No policy

"I've of the public is

written energy comments position

three price on ed to

cuts in increase monetary adjust

for, s, even policy to the

before based on or the data as

the end what economic it's

of 2026 we've outlook coming

to seen since?Ma in, and

hopefull already, rch 3, we're

y inflatio 2026, ? prepared

support n will to make

the be well adjustme

labor above 3% nts to

market." over the the

March next few policy

20, 2026 months." path as

April appropri

16, 2026 ate."

April 2,

2026

? ? Philip Austan Jeffrey

Jefferso Goolsbee Schmid,

n, Vice , Kansas

Chair, Chicago City Fed

permanen Fed Presiden

t voter: Presiden t, 2028

"I t, 2027 voter:

remain voter: "I don't

cautious "I think we

about my thought can be

outlook. there complace

... I could be nt about

continue even the

, multiple risks to

however, rate inflatio

to see cuts in n

our 2026; expectat

current the ions."

policy longer March

stance this 31, 2026

as goes,

appropri where we

ately never

position got to

ed."? see the

April 7, decrease

2026? in

? inflatio

n (and)

if the

inflatio

n stays

up,

realisti

cally, I

think

that

starts

pushing

it out

of '26."

April

14, 2026

? ? Michael Thomas ?

Barr, Barkin,

Governor Richmond

, Fed

permanen Presiden

t voter: t, 2027

"I am voter:

particul "The

arly hike

concerne case

d that would be

yet around

another inflatio

price n

shock expectat

could ions

increase starting

longer-t to

erm finally

inflatio move....

n I don't

expectat have a

ions." sense

March that

26, 2026 they've

broken

out at

this

point."

March

31, 2026

? ? Anna Susan ?

Paulson, Collins,

Philadel Boston

phia Fed Fed

Presiden Presiden

t, 2026 t, 2028

voter:?" voter:?

There's No

a little public

bit more comments

of a on

risk monetary

that the policy

transmis since

sion of March 6,

higher 2026.

fuel ?

prices,

higher

fertiliz

er

prices,

into

inflatio

n

expectat

ions is,

you

know,

faster

and

maybe a

little

bit more

durable...

.I'm

worried

about

that."

March

27, 2026

? ? Mary Alberto ?

Daly, Musalem,

San St.

Francisc Louis

o Fed Fed

Presiden Presiden

t, 2027 t, 2028

voter: voter:

"We had "I think

work to it's

do probably

before going to

we had be

the oil appropri

price ate to

shock; maintain

with the policy

oil at this

price level

shock, for some

the work time."

just April

takes 15, 2026

longer."

April

10, 2026

?

Notes: The current policy rate target range is 3.50%-3.75%. The median of Fed policymaker projections in March 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 has nominated former Fed Governor Kevin Warsh to succeed Powell when his chair term ends on May 15.

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

April 2 1 6 6 3

'26

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)