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Fed Hawks and Doves: What US Central Bankers Are Saying

Monday, 29 December 2025 03:49 PM EST

( ) By Ann Saphir Dec 29 (Reuters) - After cutting interest rates by three-quarters of a percentage point in 2025, Federal Reserve policymakers are deeply divided ⁠over what to do next, with those worried that further easing could worsen inflation pitted against those who argue that job market cooling warrants another rate cut. 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. 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: No voter: can funds public "My base steadily rate is comments case is kind of now on that we bring the within a monetary can stay policy broad policy here for rate down range of since some towards estimates November period of neutral.” of its 13, 2025 time, December neutral until we 17, 2025 value and get we are clearer well evidence positione that d to wait either to see inflation how the is coming economy back down 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: "I President President President President don't , 2027 , , 2027 , 2026 know voter: permanent voter: voter: No whether "This voter: "I "By the public we're week’s don’t end of comments here yet, FOMC personall next year on or it decision y have a we can, monetary would was not sense of as long policy still an easy urgency as we are since take a choice….I to need hitting November couple ultimatel to act our marks 21, 2025. more cuts y favored further on to get a rate on getting there, cut.” monetary inflation but at December policy back on some 12, 2025 right path to point, now." 2%, I you start December think to become 19, 2025 that it's OK with realistic steady that 25-basis- rates can point come down cuts a fair instead amount." of December 50-basis- 18, 2025 point cuts.” December 22, 2025 Philip Thomas Jeffrey Jefferson Barkin, Schmid, Michelle , ‍Vice Richmond Kansas Bowman, Chair, Fed City Fed Vice permanent President President Chair for voter: No , 2027 , 2028 Supervisi public voter: No voter: “I on, comments public see an permanent on comments economy voter: No monetary on that is public policy monetary showing comments since policy momentum on November since and monetary 17, 2025. November inflation policy 18, 2025. that is since too hot, suggestin October g that 14, 2025. policy is not overly restricti ve.” December 12, 2025 Lisa Susan Cook, Collins, Governor, Boston permanent Fed voter: No President public , 2028 remarks voter: “ on monetary policy since November 3, 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, “Moving 2025. monetary policy near or into accommoda tive territory , which further federal funds rate cuts will do, risks exacerbat ing already elevated inflation and untetheri ng the inflation expectati ons of businesse s and consumers .” December 16, 2025 Alberto Musalem, St. Louis Fed President , 2028 voter: No public comments on monetary policy since November 13, 2025. Notes: The current policy rate target range is 3.50%-3.75%. The median of Fed policymaker projections in December was for one quarter-of-a-percentage point cut by the end of 2026, though only 4 of the 19 wanted exactly that, 7 felt that less would be appropriate, and 8 felt that more would ⁠be. 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. FOM Dov Dov Cen Haw Haw C e ish tri kis k Dat st h e Dec 3 2 5 6 3 . '25 Oct 3 2 9 4 1 '25 Sep 2 3 8 5 0 t '25 Jul 1 3 8 7 0 y '25 Jan 0 3 9 7 0 .-J une '25 Dec 0 2 10 7 0 . '24 Nov 0 0 13 5 0 . '24 Sep 0 1 12 5 0 t '24 May 0 1 10 6 1 thr oug h Jul y '24 Mar 0 1 11 5 1 ch '24 Jan 0 2 9 4 1 '24 Dec 0 2 9 4 1 '23 Oct 0 2 7 5 2 /No v '23 Sep 0 4 3 6 3 t '23 Jun 0 3 3 8 3 e '23 Mar 0 2 3 10 2 ch '23 Dec 0 4 1 12 2 '22 (Reporting by Ann Saphir, Michael S. Derby and Howard Schneider; Editing by Chizu Nomiyama, Paul Simao, Matthew Lewis and Andrea Ricci)

© 2025 Thomson/Reuters. All rights reserved.


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Monday, 29 December 2025 03:49 PM
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