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 target. President Donald Trump, who has for months tried unsuccessfully to pressure the Fed into cutting rates, was disappointed.

But two dissents and an unexpected resignation at the Fed, along with recent data suggesting further labor market cooling and a shift in commentary from several Fed officials in the dovish direction, may be setting the table for a different result the next time.

Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller voted against the July decision, arguing that the central bank should reduce borrowing costs to head off deterioration in the labor market.

Governor Adriana Kugler, who felt a rate cut wouldn't be needed for some time, did not attend the meeting and announced shortly afterward that she was leaving the Fed to return to academia.

Trump moved rapidly to replace her, nominating Fed critic and rate-cut supporter Stephen Miran to serve out the remaining few months of Kugler's term. Senate Banking Committee Chair Tim Scott promised to move quickly on the confirmation process, though it is unclear if that could be done in time for the Fed's next meeting on September 16-17.

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 Centris Hawkish Haw

t k

Michelle Lisa Jerome Jeffrey

Bowman, Cook, Powell, Schmid,

Vice Governor Fed Kansas

Chair of , Chair, City Fed

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ion, t voter: nt t, 2025

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point the soon, on

interest sharp you monetary

-rate downward wind up policy

cut revision maybe since

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have Labor getting 2025

proactiv Departme inflati

ely nt's on all

hedged estimate the way

against s of fixed

a recent and you

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g in the gains. back.

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and the 2025 ineffic

risk of ient.

damage If you

to the move

labor too

market.” late,

Aug 1, you

2025 might

unneces

sary

damage

to the

labor

market.

” July

30,

2025

Christop Austan John Beth

her Goolsbee William Hammack,

Waller, , s, New Clevelan

Governor Chicago York d Fed

, Fed Fed Presiden

permanen Presiden Preside t, 2026

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wait and No nt confiden

see public voter: t with

approach comments "If the the

is on data decision

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the best where we

risks to achieve are, I

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outlook our labor

and goals—a market

could nd to that is

lead to achieve largely

policy that, in

falling and balance.

behind balance ” Aug 1,

the the 2025

curve.” risks

Aug 1, best,

2025. it

makes

sense

reduce

the

restric

tivenes

s of

monetar

policy,

then

that’s

what we

should

do."

Aug 1,

2025

Philip Lorie

Mary Jeffers Logan,

Daly, on, Dallas

San Vice Fed

Francisc Chair, Presiden

o Fed permane t, 2026

Presiden nt voter:

t, 2027 voter: No

voter: No public

"I was public comments

comment on

s on monetary

willing monetar policy

y since

to policy July 15,

wait since M 2025.

another ay 14,

cycle, 2025.

but I

can't

wait

forever.

” Aug 4,

2025

Michael Thomas

Barr, Barkin,

Governo Richmond

r, Fed

permane Presiden

nt t, 2027

voter: voter:

No No

public public

comment comments

s on on

monetar monetary

y policy

policy since

since J June 26,

une 26, 2025.

2025.

Raphael

Bostic,

Alberto Atlanta

Musalem Fed

, St. Presiden

Louis t, 2027

Fed voter:

Preside "The

nt, employme

2025 nt

voter: number

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are that the

risks risk on

on both the

sides employme

of our nt side

mandate is much

, and higher

when than it

that had

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, when will

you definite

have ly be

risks looking

on both carefull

sides. y." Aug

You 7, 2025

have to

take a

balance

approac

h."

Aug. 8,

2025

Susan

Collins

Boston

Fed

Preside

nt,

2025

voter:

public

comment

s on

monetar

policy

since

July

15,

2025.

Neel

Kashkar

Minneap

olis

Fed

Preside

nt,

2026

voter:

The

economy

slowing

and

that

means

in the

near

term it

may

become

appropr

iate to

start

adjusti

ng."

Aug 6,

2025

Anna

Paulson

Philade

lphia

Fed

Preside

nt,

2026

voter:

public

remarks

monetar

policy

since

startin

g the

job

July 1,

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 September meeting.

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