By Ann Saphir
Jan 22 (Reuters) - After cutting interest rates by three-quarters of a percentage point in 2025, Federal Reserve policymakers have signaled they will wait and see what happens with the economy before making another move. They are deeply divided between those who are worried that further easing could worsen inflation and those who feel that employment will suffer without lower interest rates.
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
Christoph Anna Jerome Neel Beth
er Paulson, Powell, Kashkari, Hammack,
Waller, Philadelp Fed Minneapol Cleveland
Governor, hia Fed Chair, is Fed Fed
permanent President permanent President President
voter: , 2026 voter: , 2026 , 2026
“We just voter: “The fed voter: “I voter:
can “On net, funds don’t see “My base
steadily I am rate is any case is
kind of still a now impetus that we
bring the little within a to cut in can stay
policy more broad January.” here for
rate down concerned range of January some
towards about estimates 14, 2026 period of
neutral.” labor of its time,
December market neutral until we
17, 2025 weakness value and get
than we are clearer
about well evidence
upside positione that
risks to d to wait either
inflation to see inflation
.” how the is coming
December economy back down
12, 2025 evolves.” to target
December or the
10, 2025 employmen
t side is
weakening
more
materiall
y.”
December
21, 2025
Stephen Mary John Austan Lorie
Miran, Daly, San Williams, Goolsbee, Logan,
Governor, Francisco New York Chicago Dallas
permanent Fed Fed Fed Fed
voter: President President President President
” I’m , 2027 , , 2027 , 2026
looking voter: permanent voter: voter: No
for about “We will voter: “We have public
a point need to “Monetary to have comments
and a be policy is convincin on
half of deliberat now well g monetary
cuts e as we positione evidence policy
(this calibrate d to that since
year). A policy to support we’re on November
lot of achieve the path back 21, 2025.
that is both stabiliza to 2%
driven by price tion of inflation
my view stability the labor .”
of and full market January
inflation employmen and the 15, 2026
.” t.” return of
January January inflation
8, 2026 15, 2026 to the
FOMC’s
longer-ru
n goal of
2%.”
January
12, 2026
Michelle Philip Thomas Jeffrey
Bowman, Jefferson Barkin, Schmid,
Vice , Vice Richmond Kansas
Chair for Chair, Fed City Fed
Supervisi permanent President President
on, voter: , 2027 , 2028
permanent “The voter: voter: “I
voter: current “It is, I believe
“Absent a policy think, a that
clear and stance delicate cutting
sustained leaves us balance rates
improveme well right could
nt in positione now.” dispropor
labor d to January tionately
market determine 13, 2026 harm the
condition the inflation
s, we extent side of
should and our
remain timing of mandate
ready to additiona without
adjust l providing
policy to adjustmen much
bring it ts to our benefit
closer to policy to the
neutral.” rate employmen
January based on t side.”
16, 2026 the January
incoming 15, 2026
data, the
evolving
outlook,
and the
balance
of
risks.”
January
16, 2026
Lisa Susan
Cook, Collins,
Governor, Boston
permanent Fed
voter: No President
public , 2028
remarks voter:
on “It was
monetary important
policy to me
since that the
November forward
3, guidance
<ol>
<li>in the</li>
</ol>
Committee
’s
statement
now
echoes
language
in the
December
2024
statement
, which
preceded
a pause
in
cutting
rates.”
December
15, 2025
Michael Raphael
Barr, Bostic,
Governor, Atlanta
permanent Fed
voter: No President
public ,
comments non-voter
on ,
monetary retiring
policy February
since Oct 2026:
ober 9, “Inflatio
<ol>
<li>n is</li>
</ol>
still too
high….you
’ve got
to get it
under
control,
and we
need to
be
laser-foc
used on
making
sure that
everythin
g we do
is
contribut
ing to
that.”
January
9, 2026
Alberto
Musalem,
St. Louis
Fed
President
, 2028
voter: “I
see
little
reason
for
near-term
further
easing of
policy.”
January
13, 2026
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 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 Vice Chair 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 chair position 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 Dove Dovish Centri Hawkis Hawk
Date st h
Jan. 3 2 5 6 3
‘26
Dec. 3 1 6 6 3
‘25
Oct 3 2 9 4 1
‘25
Sept 2 3 8 5 0
‘25
July 1 3 8 7 0
‘25
Jan.-J 0 3 9 7 0
une
‘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
throug
h July
‘24
March 0 1 11 5 1
‘24
Jan 0 2 9 4 1
‘24
Dec 0 2 9 4 1
‘23
Oct/No 0 2 7 5 2
v ‘23
Sept 0 4 3 6 3
‘23
June 0 3 3 8 3
‘23
March 0 2 3 10 2
‘23
Dec 0 4 1 12 2
‘22

.IXIC

NDAQ

- Following a 75 basis point rate cut in 2025, Federal Reserve policymakers are adopting a wait-and-see approach regarding future decisions, amid concerns about inflation and employment.  
- Recent comments from officials reveal a divide between dovish members focused on labor market risks and hawkish members worried about inflation threats, influencing their monetary policy outlook.  
- The Fed aims to achieve a stable return to the 2% inflation target while balancing economic conditions and maintaining adequate employment levels.

Fed hawks and doves: What US central bankers are saying