Fed Hawks and Doves: What US Central Bankers Are Saying

US central bankers cut short-term borrowing costs by half a percentage point in September and a quarter of a percentage point in November, pulling back on policy restraint in light of progress toward their 2% inflation goal and a cooling labor market.

The question now facing Federal Reserve policymakers is how quickly and how much more they need to cut rates. Here’s a look at Fed policymakers’ comments after the last rate-setting decision, categorized under the “dove” and “hawk” labels as rough shorthand for their monetary policy stance.

A dove is more focused on labor market risks and may want to cut rates more quickly, while a hawk is more focused on inflationary fears and may be more cautious about rate cuts. The designation is based on comments and published comments; For more, click on the photos in this graphic.

For a breakdown of how Reuters’ counts have changed in each category, please scroll to the bottom of this story. Dove Dovish Centrist Hawkish Hawk Lisa Cook, Jerome Powell, Michelle Governor, Fed Chair, Bowman, Permanent Permanent Governor, Voter: “Voter: “We can have permanent absolutes we can afford to be voters:

“The data we’ve seen a little bit more suggests caution as we try to find progress in disinflation neutral.” December 4, 2024 is still at the starting point minus inflation and that 2023, but the labor progress market seems to have stalled in a gradual cooling… I look at the recent months. … I would prefer a fairly cautious move in the policy rate that would drive the policy rate downward.

Better assess how far we are from the end point by November 20, 2024. I voter: “I expect 2024 looks like we’ll be voter: “I’m never fit to continue to move the rate bias coming to more meetings… neutral policy reduction is a lot of setting next year on information with line time.

“December 2, we’re still ‘dot-plot’ 2024.” Nov. The process….I never exercise an option until its expiration date of 15, 2024.” December 4, 2024 Philip Jeffrey Jefferson, Vice Schmidt, Chair: The Fed The Fed’s most recent policy No public comments Kansas City after the 2025 voter: meeting .

“Nov. 13, 2024 Michael Barr, Alberto Vice Chair of Muslim, St. Supervision, Louis Fed Permanent Voter: President, No Public 2025 Voter: Comments “It may be time for the Fed’s most recent policy meeting. Consider slowing or pausing the pace of interest rate cuts to carefully assess the current economic environment, incoming data and the evolving outlook.

“December 4, 2024 CHRISTOPHER LOWRY LOGAN, WALLER, DALLAS FED GOVERNOR, PRESIDENT, PERMANENT VOTERS: 2026 VOTERS: “Currently I “I believe it is best to support cuts moving forward with policy caution.” rate at our November 15, 2024 December meeting.” December 2, 2024 Adriana Kugler, Neil Governor, Kashkari, Permanent Voter: Minneapolis “If the Fed poses any threat to prevent the president, progress or 2026 voter: “Now, inflation , I today Knowing what we know, it’s still worth pausing our policy considering the rate cut

But 25-basis-point if labor cuts in the market slow down in December — suddenly, it would be reasonable for us to discuss continuing.” November 25, 2024 gradually cut policy rates.” November 14, 2024 Mary Daly, San Francisco Fed President, 2024 voter: No public comments since the Fed’s most recent policy meeting.

Rafael Bostic, Atlanta Fed president, 2024 voter: “I’m not going into this meeting with the sense that it’s a foregone conclusion… We have important data points coming up.” December 2, 2024 Susan Collins, Boston Fed President, 2025 Voter: “I expect that additional adjustments over time will be appropriate, to gradually move the policy rate from its current restrictive stance into a more neutral range.

November 20, 2024 Patrick Harker, Philadelphia Fed President, 2026 Voter: No public comments since the Fed’s most recent policy meeting. Notes: Fed policymakers cut the policy rate in November to a range of 4.50%-4.75%. Forecasts released in September showed most policymakers expected a rate cut in the 3.25%-3.50% range by the end of next year, but markets now bet on a lower rate cut given President-elect Donald Trump’s expected plans for tariff hikes and tax cuts. have been , and a raft of stronger-than-expected economic data that suggests rates may not need to be cut as quickly.

The Cleveland Fed’s new president, Beth Hamke, began her job on August 21 and has not made any public comments on monetary policy. She is not included in this dove-hawk matrix. The seven Fed governors, including the Fed chief and vice chair, have a permanent vote at Federal Open Market Committee meetings, which are held eight times a year.

All 12 regional Fed presidents discuss and debate monetary policy at meetings, but only five vote, including the New York Fed president and four others who vote for a year at a time on a rotating schedule. Over time, Reuters has changed policymaker positions based on fresh comments and evolving circumstances. Below is a Reuters tally of policymakers in each category heading into the latest Fed meetings. FOMC Date Dov Dovish Centrist Hawkish Hawk Dec