By Ann Saphir
Jan 6 (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 think the "My base
steadily I am rate is inflation case is
kind of still a now risk is that we
bring the little within a one of can stay
policy more broad persisten here for
rate down concerned range of ce, that some
towards about estimates these period of
neutral." labor of its tariff time,
December market neutral effects until we
17, 2025 weakness value and take get
than we are multiple clearer
about well years to evidence
upside positione work that
risks to d to wait their way either
inflation to see through inflation
.” how the the is coming
December economy system, back down
12, 2025 evolves.” whereas I to target
December do think or the
10, 2025 there's a employmen
risk that t side is
the weakening
unemploym more
ent rate materiall
could pop y.”
from December
here." 21, 2025
January
5, 2026
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
"Well , 2027 , , 2027 , 2026
over 100 voter: permanent voter: voter: No
basis "This voter: "I "By the public
points of week's don’t end of comments
cuts are FOMC personall next year on
going to decision y have a we can, monetary
be was not sense of as long policy
justified an easy urgency as we are since
this choice. to need hitting November
year." ... I to act our marks 21, 2025.
January ultimatel further on
6, 2026 y favored on getting
a rate monetary inflation
cut." policy back on
December right path to
12, 2025 now." 2%, I
December think
19, 2025 that it's
realistic
that
rates can
come down
a fair
amount."
December
18, 2025
Michelle Philip Thomas Jeffrey
Bowman, Jefferson Barkin, Schmid,
Vice , Vice Richmond Kansas
Chair for Chair, Fed City Fed
Supervisi permanent President President
on, voter: No , 2027 , 2028
permanent public voter: voter: "I
voter: No comments "Going see an
public on forward, economy
comments monetary policy that is
on policy will showing
monetary since require momentum
policy November finely and
since Oct 17, 2025. tuned inflation
ober 14, judgments that is
2025. balancing too hot,
progress suggestin
on each g that
side of policy is
our not
mandate." overly
January restricti
6, 2026 ve."
December
12, 2025
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
2025. in the
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, "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-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
(Reporting by Ann Saphir, Michael S. Derby and Howard Schneider; Editing by Chizu Nomiyama, Matthew Lewis, Andrea Ricci and Paul Simao)
