Fed hawks and doves: what US central bankers are saying

FILE PHOTO: The exterior of the Federal Reserve building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo

By Ann Saphir

(Reuters) -The Federal Reserve left its policy rate in the 4.25%-4.50% range at its July 29-30 meeting to keep downward pressure on inflation, which remains above its 2% target. President Donald Trump, who has for months tried unsuccessfully to pressure the U.S. central bank into cutting rates, was disappointed.

Dissents by two Fed governors in favor of a rate cut at the meeting in July, recent data suggesting further labor market cooling and a shift in commentary from several central bank officials in the dovish direction may already be setting the table for a rate cut as soon as next month.

Here is a look at Fed officials' comments since their last policy meeting, 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.

The designations are based on public comments and published remarks. For a breakdown of how Reuters' counts in each category have changed, please scroll to the bottom of this story, or click on the photos in this graphic.

Dove Dovish Centri Hawkish Haw

st k

Michell Lisa Jerome Jeffrey

e Cook, Powell Schmid,

Bowman, Governo , Fed Kansas

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of nt ent Preside

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r, and 22,

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latest

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market

data

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view."

Aug 9,

2025

Christo Austan John Beth

pher Goolsbe Willia Hammack

Waller, e, ms, ,

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nt nt, Presid nt,

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Aug 28,

2025

Mary Philip Lorie

Daly, Jeffer Logan,

San son, Dallas

Francis Vice Fed

co Fed Chair, Preside

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nt, ent 2026

2027 voter: voter:

voter: No No

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willing commen comment

to wait ts on s on

another moneta monetar

cycle, ry y

but I policy policy

can't since since

wait May July

forever 14, 15,

." Aug 2025. 2025.

4, 2025

Michae Thomas

l Barkin,

Barr, Richmon

Govern d Fed

or, Preside

perman nt,

ent 2027

voter: voter:

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public modest

commen movemen

ts on t in

moneta the

ry economy

policy ... If

since there's

June modest

26, movemen

2025. t in

the

economy

, that

would

imply a

modest

adjustm

ent in

rates."

Aug. 26

2025

Albert Raphael

o Bostic,

Musale Atlanta

m, St. Fed

Louis Preside

Fed nt,

Presid 2027

ent, voter:

2025 "I'm

voter: not

"Polic stuck

y now on

is in anythin

the g." Aug

right 21,

place 2025

for a

full-e

mploym

ent

labor

market

and

inflat

ion

runnin

above

target

... If

you

happen

assess

there'

s risk

to the

labor

market

, then

that

initia

policy

settin

needs

to be

adjust

ed."

Aug

22,

2025

Susan

Collin

Boston

Fed

Presid

ent,

2025

voter:

data

shows

"the

risks

worsen

ing

labor

market

condit

ions

relati

ve to

those

risks

elevat

inflat

ion

...

then

it may

approp

riate

soon

begin

dialin

back"

intere

rates.

Aug

21,

2025

Neel

Kashka

ri,

Minnea

polis

Fed

Presid

ent,

2026

voter:

"The

econom

y is

slowin

g, and

that

means

in the

near

term

it may

become

approp

riate

start

adjust

ing."

Aug 6,

2025

Anna

Paulso

Philad

elphia

Fed

Presid

ent,

2026

voter:

public

remark

s on

moneta

policy

since

starti

ng the

job

July

2025.

Notes: The current policy rate target range is 4.25%-4.50%. The median of Fed policymaker projections in June was for half a percentage point of rate cuts this year, though seven of the 19 projected no cuts at all. The Fed next publishes projections at its meeting in September.

The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Three - Waller, Bowman and Powell - are Trump nominees; three were nominated by former President Joe Biden; Trump has nominated Stephen Miran to the remaining open seat. Each Fed governor votes at every Federal Open Market Committee meeting, held eight times a year

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 of Governors.

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 Haw

Date h ist sh k

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