Fed hawks and doves: What US central bankers are saying
By Ann Saphir
Feb 11 (Reuters) - After cutting interest rates by three-quarters of a percentage point in 2025, Federal Reserve policymakers held the policy rate steady in January, citing a stabilizing job market and inflation that's stuck somewhat above the central bank's 2% target.
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 |
Christopher Waller, Governor, permanent voter: "There is considerable doubt about future employment growth and (it) suggests that a substantial deterioration in the labor market is a significant risk." January 30, 2026
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Anna Paulson, Philadelphia Fed President, 2026 voter: No public remarks on monetary policy since January 14, 2026. |
Jerome Powell, Fed Chair, permanent voter: "The upside risks to inflation and the downside risks to employment have diminished. But they still exist ... We think our policy is in a good place." January 28, 2026 |
Lisa Cook, Governor, permanent voter: "We put a lot of easing into the pipeline at the end of last year and I think that given where the labor market is, where inflation is, this is the right time to sit back and wait to see what happens." February 4, 2026 |
Beth Hammack, Cleveland Fed President, 2026 voter: "I’d prefer to err on the side of patience as we assess the impact of recent rate reductions and monitor how the economy performs. " February 10, 2026 |
Stephen Miran, Governor, permanent voter: "I think interest rates need to be lower to accommodate the labor market more, I think we are seeing some signs ... of stress." February 9, 2026 |
Mary Daly, San Francisco Fed President, 2027 voter: "I was supportive of (January's rate) decision, but frankly, I thought you could make a case for going ahead and taking a little more off." February 6, 2026 |
John Williams, New York Fed President, permanent voter: No public remarks on monetary policy since January 12, 2026. |
Neel Kashkari, Minneapolis Fed President, 2026 voter: No public remarks on monetary policy since January 14, 2026. |
Lorie Logan, Dallas Fed President, 2026 voter: "Right now, I am more worried about inflation remaining stubbornly high." February 10, 2026 |
Michelle Bowman, Vice Chair for Supervision, permanent voter: "We should also not imply that we expect to maintain the current stance of policy for an extended period of time." January 30, 2026 |
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Philip Jefferson, Vice Chair, permanent voter: "In this less dynamic labor market, the downside risks to employment remain, but my baseline is for the unemployment rate to hold approximately steady throughout this year." February 6, 2026
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Austan Goolsbee, Chicago Fed President, 2027 voter: No public remarks on monetary policy since January 15, 2026. |
Jeffrey Schmid, Kansas City Fed President, 2028 voter: "Further rate cuts risk allowing high inflation to persist even longer." February 11, 2026 |
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Michael Barr, Governor, permanent voter: No public comments on monetary policy since October 9, 2025. |
Thomas Barkin, Richmond Fed President, 2027 voter: "I take this sustained miss seriously. ... Today's inflation numbers, regardless of the 'why,' significantly influence tomorrow's inflation." February 3, 2026 |
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Susan Collins, Boston Fed President, 2028 voter: No public remarks on monetary policy since December 15, 2025.
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Alberto Musalem, St. Louis Fed President, 2028 voter: "With inflation above target and the risks to the outlook evenly balanced, I believe it would be unadvisable to lower the rate into accommodative territory at this time." January 30, 2026 |
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Raphael Bostic, Atlanta Fed President, non-voter, retiring February 2026: "This is the time to be patient." February 6, 2026 |
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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, though only four of the 19 wanted exactly that, seven felt that less easing would be appropriate, and eight felt that more would be.
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.
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 Date |
Dove |
Dovish |
Centrist |
Hawkish |
Hawk |
March '26 |
3 |
2 |
4 |
7 |
3 |
Jan. '26 |
3 |
2 |
5 |
6 |
3 |
Dec. '25 |
3 |
1 |
6 |
6 |
3 |
Oct '25 |
3 |
2 |
9 |
4 |
1 |
Sept '25 |
2 |
3 |
8 |
5 |
0 |
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 |