Fed hawks and doves in their own words
The labels "dove" and "hawk" have long been used by central bank watchers to describe the monetary policy leanings of policymakers, with a dove more focused on risks to the labor market and a hawk more focused on the threat of inflation.
The topsy-turvy economic environment of the COVID-19 pandemic sidelined those differences, turning Federal Reserve officials at first universally dovish as they sought to provide massive accommodation for a cratering U.S. economy, and then, when inflation surged, into hawks who uniformly backed aggressive interest rate hikes.
The risks are now seen as more balanced and the choices more nuanced.
All 12 regional Fed presidents debate monetary policy at Federal Open Market Committee (FOMC) meetings that are held eight times a year, but only five cast votes at any given meeting, including the New York Fed president and four others who vote for one year at a time on a rotating schedule.
The seven Fed governors, including the Fed chair and vice chairs, have permanent votes on the FOMC.
The following chart shows officials' latest views on the outlook for Fed policy and the economy. The designations are based on comments and published remarks; for more on the thinking that shaped these hawk-dove designations, 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 |
Patrick Harker, Philadelphia Fed President, 2026 voter: When it comes to a rate cut, "I think we're close, give us a couple of meetings." Feb 22, 2024 | Jerome Powell, Fed Chair, permanent voter: “I don't think that it is likely based on the data we have that the next move that we make will be a rate hike…It is more likely ... we hold the policy rate where it is.." May 14, 2024 | Raphael Bostic, Atlanta Fed President, 2024 voter: Now expects one rate cut this year, in the fourth quarter, down from two previously (April 3, 2024). "We're just going to have to be patient and wait until inflation gives us signals that it is more robustly heading towards 2%." May 9, 2024 | Michelle Bowman, Governor, permanent voter: "While the current stance of monetary policy appears to be at a restrictive level, I remain willing to raise the federal funds rate at a future meeting should the incoming data indicate that progress on inflation has stalled or reversed." May 3, 2024 | |
John Williams, New York Fed President, permanent voter: Three rate cuts in 2024 is "a reasonable kind of starting point." (Feb 28, 2024) "Eventually we'll have rate cuts." May 6, 2024 | Loretta Mester, Cleveland Fed President, 2024 voter*: Three rate cuts in 2024 "feels about right." (Feb 29, 2024) "It’s too early to really conclude that we stalled out or that inflation is going to reverse." May 14, 2024 | |||
Philip Jefferson, Vice Chair: "My baseline outlook continues to be that inflation will decline further, with the policy rate held steady at its current level." April 16, 2024 | Thomas Barkin, Richmond Fed President, 2024 voter: "I do tend to imagine that we're going to need a little more edge off of demand to get all the way" to 2% inflation. May 6, 2024 | |||
Michael Barr, Vice Chair of Supervision, permanent voter: "It's very early to say whether we end up with a 'soft landing' or not." Feb 14, 2024 | Jeffrey Schmid, Kansas City Fed President, 2025 voter: "I am prepared to be patient." May 14, 2024 | |||
Christopher Waller, Governor, permanent voter: "There is no rush to cut the policy rate." March 27, 2024 | Neel Kashkari, Minneapolis Fed President, 2026 voter: Penciled in two 2024 rate cuts in March. "We probably need to sit here for a while longer until we figure out where underlying inflation is headed." May 15, 2024 | |||
Lisa Cook, Governor, permanent voter: "Fully restoring price stability may take a cautious approach to easing monetary policy over time." March 25, 2024 | Lorie Logan, Dallas Fed President, 2026 voter: "I think it's just too early to think about cutting rates." May 10, 2024 | |||
Adriana Kugler, Governor, permanent voter: "If disinflation and labor market conditions proceed as I am currently expecting, then some lowering of the policy rate this year would be appropriate." April 3, 2024 | ||||
Mary Daly, San Francisco Fed President, 2024 voter: Three rate cuts this year is "a very reasonable baseline." (April 2, 2024) "I'm in a wait-and-see mode.” May 9, 2024. | ||||
Austan Goolsbee, Chicago Fed President, 2025 voter: At the median Fed expectation for three rate cuts in 2024 (March 25, 2024). ”We clearly hit a bump at the start of this year, and we’ve just got to get comfort that it’s not a sign of a reacceleration of the economy." May 3, 2024 | ||||
Susan Collins, Boston Fed President, 2025 voter: Expects "in the range of two" rate cuts for 2024 (April 11, 2024) “I do think that holding in this restrictive range for longer will in an orderly way” help to slow the economy. May 8, 2024 |
Note: Fed policymakers began raising interest rates in March 2022 to bring down high inflation. Their most recent policy rate hike, to a range of 5.25%-5.50%, occurred in July 2023. Half of policymakers as of mid-March thought three rate cuts this year would be appropriate; just as many thought it would be fewer, projections released after their March 19-20 meeting showed. Two of 19 thought there would be none. Alberto Musalem, who started as the St. Louis Fed's president on April 2, has not made any substantive policy remarks and is not included in the dove-hawk matrix.
*Mester hits the Fed banks' mandatory retirement age in June; if a successor is not yet hired, Chicago Fed President Goolsbee would vote until one is.
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 |
Apr/May '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 |