Fed hawks and doves: what US central bankers are saying

ReutersMar 21, 2025 6:03 PM

March 21 (Reuters) - U.S. central bankers left short-term borrowing costs unchanged at their March 18-19 meeting. They also forecast weaker economic growth and higher inflation this year, at least in part due to President Donald Trump 's trade tariffs, and signaled that unusually high uncertainty over the outlook will keep them in a wait-and-see mode on policy.

Here is a look at Fed officials' comments since then, 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: No public comments on monetary policy since February 2025.	Jerome Powell, Fed Chair, permanent voter: "We're not going to be in any hurry to move ... . The right thing to do is to wait here for greater clarity about what the economy is doing." March 19, 2025	Michelle Bowman, Governor, permanent voter: No public comments on monetary policy since March 7, 2025.
	Lisa Cook, Governor, permanent voter: No public comments on monetary policy since January 2025.	John Williams, New York Fed President, permanent voter: "The downside risk to economic growth and the upside risk to inflation (are) both very high." March 21, 2025	Jeffrey Schmid, Kansas City Fed President, 2025 voter: No public comments on monetary policy since February 2025.
	Austan Goolsbee, Chicago Fed President, 2025 voter: "I'm out talking to business people and civic leaders throughout this region, and there's been a decided turn in these conversations over the last six weeks, of anxiety, of pausing, waiting on capital projects, capex, etc., until they figure out tariffs, other fiscal policy." March 21, 2025	Philip Jefferson, Vice Chair, permanent voter: No public comments on monetary policy since February 2025.	Alberto Musalem, St. Louis Fed President, 2025 voter: No public comments on monetary policy since March 3, 2025.
		Michael Barr, Governor, permanent voter: No public comments on monetary policy since May 2024.	Beth Hammack, Cleveland Fed President, 2026 voter: No public comments on monetary policy since February 2025.
		Adriana Kugler, Governor, permanent voter: No public comments on monetary policy since March 7, 2025.	Lorie Logan, Dallas Fed President, 2026 voter: No public comments on monetary policy since February 2025.
		Susan Collins, Boston Fed President, 2025 voter: No public comments on monetary policy since February 2025.	Neel Kashkari, Minneapolis Fed President, 2026 voter: No public comments on monetary policy since February 2025.
		Patrick Harker, Philadelphia Fed President, 2026 voter: No public comments on monetary policy since February 2025.	Thomas Barkin, Richmond Fed President, 2027 voter: No public comments on monetary policy since February 2025.
		Raphael Bostic, Atlanta Fed President, 2027 voter: No public comments on monetary policy since February 2025.
		Mary Daly, San Francisco Fed President, 2027 voter: No public comments on monetary policy since March 7, 2025.

Notes: The current policy rate target range is 4.25%-4.50%. In March Fed policymakers projected half a percentage point of rate cuts this year, but indicated higher-than-usual uncertainty around their forecasts.

The seven Fed governors, including the Fed chief and vice chair, have permanent votes at the Federal Open Market Committee meetings, which are 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.

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
Jan. and Mar '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

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