Fed hawks and doves: What US central bankers are saying

(Adds comments by Fed officials) By Ann Saphir Oct 6 (Reuters) – The Federal Reserve cut the U.S. policy rate by a quarter-of-a-percentage point at its September 16-17 meeting and signaled some further gradual cuts ahead to support the labor market, despite still-elevated inflation. Stephen Miran, the Fed Board’s newest member and on unpaid leave as White House economic adviser, dissented and has argued for a sharply lower policy rate also called for by President Donald Trump. 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. 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, or click on the photos in this graphic. Dove Dovish Centris Hawkish Hawk t Michelle Lisa Jerome Jeffrey Beth Bowman, Cook, Powell, Schmid, Hammack Vice Governor Fed Kansas , Chair of , Chair, City Clevela Supervis permanen permane Fed nd Fed ion, t voter: nt Preside Preside permanen No voter: nt, nt, t public "Near-t 2025 2026 voter: " comments erm voter: voter: We are on risks “Some ”I at monetary to recent think serious policy inflati data we risk of or the on are suggest really already economy tilted s a need to being since to the growing maintai behind August upside risk n a the 6, and that restric curve in 2025. risks the tive addressi to labor stance ng employm market of deterior ent to may policy ating the weaken so that labor downsid more we can market e – a substan get conditio challen tially inflati ns. ging or on back Should situati abruptl down to these on.” y than our conditio Sept I had goal." ns 23, been Sept. continue 2025 anticip 29, , I am ating.” 2025 Se concerne Sept. ptember d that 25, 29, we will 2025 2025 need to adjust policy at a faster pace and to a larger degree going forward. " Septembe r 26, 2025 Christop Mary John Lorie her Daly, William Logan, Waller, San s, New Dallas Governor Francisc York Fed , o Fed Fed Preside permanen Presiden Preside nt, t voter: t, 2027 nt, 2026 No voter: permane voter: public "I think nt "We comments a little voter: really on bit more "We need to monetary (rate-cu have a be policy tting) balanci cautiou since will be ng act s of Septembe needed here." further r 3, over Septemb rate 2025. time to er 29, cuts get that 2025 from interest here." rate October where 3, 2025 it's balancin g out those two risks.” Septembe r 25, 2025 Stephen Philip Raphael Miran, Jeffers Bostic, Governor on, Atlanta , Vice Fed permanen Chair, Preside t voter: permane nt, "My view nt 2027 is that voter: voter: if "I see "I am policy the concern is out risks ed of to about whack, employm the you ent as inflati should tilted on that adjust to the has it at a downsid been reasonab e and too ly … risks high brisk to for a pace." inflati long Oct. 3, on to time…An 2025 the d so I upside. today ” Oct. would 3, 2025 not be moving (the policy rate) or in favor of it, but we’ll see what happens ." Septemb er 22, 2025 Michael Thomas Barr, Barkin, Governo Richmon r, d Fed permane Preside nt nt, voter: 2027 No voter: public "The comment downsid s on e in monetar the y labor policy market since J should une 26, be 2025. limited … there are good reasons to think counter vailing forces (on inflati on) will limit the downsid e." Septemb er 29, 2025 Alberto Musalem , St. Louis Fed Preside nt, 2025 voter: "I do believe we need to move cautiou sly because the room between now and the point where policy becomes overly accommo dative is limited .” Sept. 29, 2025 Susan Collins , Boston Fed Preside nt, 2025 voter: “Announ cing ‘oh yeah, we're just going to…keep going until we get to neutral ’: that seems to me to be a scenari o where the risks to inflati on go up, and that's not consist ent, I think, with followi ng through on our mandate .” Sept. 30, 2025 Austan Goolsbe e, Chicago Fed Preside nt, 2025 voter: "I'm a little wary about front-l oading too many rate cuts and just countin g on the inflati on going away." Oct. 3, 2025 Neel Kashkar i, Minneap olis Fed Preside nt, 2026 voter: "I believe the risk of a sharp increas e in unemplo yment warrant s the committ ee taking some action to support the labor market. " Septemb er 19, 2025 Anna Paulson , Philade lphia Fed Preside nt, 2026 voter: No public remarks on monetar y policy since startin g the job July 1, 2025. Notes: The current policy rate target range is 4.00%-4.25%. The median of Fed policymaker projections in September was for a half percentage point of further rate cuts this year, though nine of the 19 wanted less than that. The Fed's seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Each votes at every Federal Open Market Committee meeting, held eight times a year. Miran, Waller and Vice Chair Bowman are Trump nominees. Barr, Jefferson and Cook – whom Trump is attempting to fire – were nominated by President Joe Biden. Powell was initially nominated to the Fed Board by President Barack Obama, elevated to chair by Trump in his first term, and renominated as chair 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 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 Dovi Cent Hawk Haw Date sh rist ish k Oct 3 3 8 4 1 '25 Sept 2 3 8 5 0 '25 July 1 3 8 7 0 '25 Jan. 0 3 9 7 0 -Jun e '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 thro ugh July '24 Marc 0 1 11 5 1 h '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 Marc 0 2 3 10 2 h '23 Dec 0 4 1 12 2 '22 (Reporting by Ann Saphir, Michael S. Derby and Howard Schneider; Editing by Chizu Nomiyama, Paul Simao, Andrea Ricci and Matthew Lewis)

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