Fed hawks and doves: what US central bankers are saying

Reuters
26 Jun
Fed hawks and doves: what US central bankers are saying

June 25 (Reuters) - U.S. central bankers left short-term borrowing costs unchanged at their June 17-18 meeting to keep downward pressure on inflation as they wait to see how President Donald Trump 's trade and other policies affect prices and employment.

Here is a look at Fed officials' comments since their last 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 comments and published remarks; for more, click on the photos in this graphic. For a breakdown of how Reuters' counts in each category have changed, please scroll to the bottom of this story.

Dove

Dovish

Centrist

Hawkish

Hawk

Christopher Waller, Governor, permanent voter: "I'm all in favor of saying maybe we should start thinking about cutting the policy rate at the next meeting, because we don't want to wait till the job market tanks before we start cutting the policy rate." June 20, 2025

Michelle Bowman, Vice Chair of Supervision, permanent voter: "It is time to consider adjusting the policy rate.” June 23, 2025

Jerome Powell, Fed Chair, permanent voter: "I do not want to point to a particular meeting. I don't think we need to be in any rush." June 24, 2025

Jeffrey Schmid, Kansas City Fed President, 2025 voter: "The current posture of monetary policy, which has been characterized as 'wait-and-see,' is appropriate." June 24, 2025

Lisa Cook, Governor, permanent voter: No public comments on monetary policy since June 3, 2025.

John Williams, New York Fed President, permanent voter: "Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals.” June 24, 2025

Alberto Musalem, St. Louis Fed President, 2025 voter: No public comments on monetary policy since June 5, 2025.

Austan Goolsbee, Chicago Fed President, 2025 voter: "Somewhat surprisingly, thus far, the impact of tariffs has not been what people feared….if the dirt is out of the air, then I think we should proceed” with rate cuts. June 23, 2025

Philip Jefferson, Vice Chair, permanent voter: No public comments on monetary policy since May 14, 2025.

Neel Kashkari, Minneapolis Fed President, 2026 voter: "We've been taking our time to try to get a sense of what's really going on before we make any dramatic changes in our policy outlook." June 24, 2025

Michael Barr, Governor, permanent voter: "Higher short-term inflation expectations, supply chain adjustments, and second-round effects may cause some inflation persistence. At the same time, tariffs may cause the economy to slow and unemployment to rise.” June 24, 2025

Beth Hammack, Cleveland Fed President, 2026 voter: "The risks from maintaining the current policy setting appear low, and I don’t see a weakening in the economy that would merit imminent rate cuts." June 24, 2025

Adriana Kugler, Governor, permanent voter: No public comments on monetary policy since June 5, 2025.

Lorie Logan, Dallas Fed President, 2026 voter: No public comments on monetary policy since June 2, 2025.

Susan Collins, Boston Fed President, 2025 voter: "While I continue to expect it will be appropriate to resume gradual policy normalization later this year, my outlook could change significantly as events unfold.” June 25, 2025

Raphael Bostic, Atlanta Fed President, 2027 voter: "I would see the last quarter (of the year) is sort of when I would expect we would know enough to move." June 25, 2025

Patrick Harker, Philadelphia Fed President, 2026 voter: No public comments on monetary policy since June 6, 2025

Thomas Barkin, Richmond Fed President, 2027 voter: "Nothing is burning on either side such that it suggests there's a rush to act." June 20, 2025

Mary Daly, San Francisco Fed President, 2027 voter: "We cannot wait so long that we forget that the fundamentals of the economy are moving in a direction where an interest rate adjustment might be necessary.” June 20, 2025

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

The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Three -- Waller, Vice Chair Bowman and Chair Powell -- are Trump nominees; the other four were nominated by President Joe Biden. Each 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 bank presidents are picked by the directors of their own regional banks, subject to approval by the Fed 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 recent Fed meetings.

FOMC Date

Dove

Dovish

Centrist

Hawkish

Hawk

July '25

1

3

8

7

0

Jan.-June '25

0

3

9

7

0

Dec. '24

0

2

10

7

0

Nov. '24

0

0

13

5

0

Sept '24

0

1

12

5

0

May through July '24

0

1

10

6

1

March '24

0

1

11

5

1

Jan '24

0

2

9

4

1

Dec '23

0

2

9

4

1

Oct/Nov '23

0

2

7

5

2

Sept '23

0

4

3

6

3

June '23

0

3

3

8

3

March '23

0

2

3

10

2

Dec '22

0

4

1

12

2

(Reporting by Ann Saphir, Michael S. Derby and Howard Schneider; Editing by Chizu Nomiyama, Paul Simao and Andrea Ricci)

((Ann.Saphir@thomsonreuters.com; 312-593-8342; www.twitter.com/annsaphir; Reuters Messaging: ann.saphir.thomsonreuters.com@reuters.net/))

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