By Ann Saphir
(Reuters) -The Federal Reserve is expected to deliver its first interest-rate cut this year at its September 16-17 meeting, as it moves to counter a cooling labor market even as inflation remains above target.
The anticipated quarter-point reduction may not satisfy President Donald Trump, who wants a bigger cut and has named his White House economic advisor, Stephen Miran, in time to be on the Fed Board at the September meeting, pending Senate confirmation.
Here is a look at Fed officials’ comments since their last policy meeting, 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. For a breakdown of how Reuters’ counts in each category have changed, please scroll to the bottom of this story, or click on the photos in this graphic.
Dove Dovish Centri Hawkish Haw
st k
Michell Lisa Jerome Jeffrey
e Cook, Powell Schmid,
Bowman, Governo , Fed Kansas
Vice r, Chair, City
Chair permane perman Fed
of nt ent Preside
Supervi voter: voter: nt,
sion, “This “With 2025
permane is policy voter:
nt concern in “I
voter: ing,” restri think
“My she ctive we’re
Summary said of territ in a
of the ory, really
Economi sharp the good
c downwar baseli spot
Project d ne and I
ions revisio outloo think
include ns to k and we
s three the the really
cuts Labor shifti have to
for Departm ng have
this ent’s balanc very
year, estimat e of definit
which es of risks ive
has recent may data to
been monthly warran be
consist job t moving
ent gains. adjust that
with my Aug 6, ing policy
forecas 2025 our right
t since policy now.”
last stance Aug 21,
Decembe .” Aug 2025
r, and 22,
the 2025
latest
labor
market
data
reinfor
ce my
view.”
Aug 9,
2025
Christo Austan John Beth
pher Goolsbe Willia Hammack
Waller, e, ms, ,
Governo Chicago New Clevela
r, Fed York nd Fed
permane Preside Fed Preside
nt nt, Presid nt,
voter: 2025 ent, 2026
“I voter: perman voter:
don’t “It’s a ent “For
believe live voter: me,
that a meeting “Every what
cut of for meetin the
larger me…I g is, decisio
than 25 haven’t from n
basis made-up my really
points my mind perspe comes
is on ctive, down to
needed that,” live is that
in Sept 4, (for a inflati
Septemb 2025 change on is
er … in the too
I Fed’s high
anticip policy … We
ate rate) need to
additio … maintai
nal risks n a
cuts are modestl
over more y
the in restric
next balanc tive
three e.” stance
to six Aug of
months, 27, policy
and the 2025 to get
pace of inflati
rate on back
cuts to
will be target.
driven ” Aug
by the 22,
incomin 2025
g
data.”
Aug 28,
2025
Mary Philip Lorie
Daly, Jeffer Logan,
San son, Dallas
Francis Vice Fed
co Fed Chair, Preside
Preside perman nt,
nt, ent 2026
2027 voter: voter:
voter: No No
“We public public
will commen comment
wait to ts on s on
see the moneta monetar
data ry y
and policy policy
maybe since since
it’ll May July
be 14, 15,
fewer, 2025. 2025.
maybe
it’ll
be
more,
but
ultimat
ely, I
think
two
(rate
cuts
this
year)
remains
a good
project
ion.”
Aug 15,
2025
Michae Thomas
l Barkin,
Barr, Richmon
Govern d Fed
or, Preside
perman nt,
ent 2027
voter: voter:
No “I see
public modest
commen movemen
ts on t in
moneta the
ry economy
policy … If
since there’s
June modest
26, movemen
2025. t in
the
economy
, that
would
imply a
modest
adjustm
ent in
rates.”
Aug. 26
2025
Albert Raphael
o Bostic,
Musale Atlanta
m, St. Fed
Louis Preside
Fed nt,
Presid 2027
ent, voter:
2025 “The
voter: labor
“The market
curren is
t slowing
modest enough
ly that
restri some
ctive easing
settin in
g of policy
the –
policy probabl
rate y on
is the
consis order
tent of 25
with basis
today’ points
s – will
full-e be
mploym appropr
ent iate
labor over
market the
and remaind
core er of
inflat this
ion year.”
nearly Sept 3,
one 2025
percen
tage
point
above
the
Fed’s
2%
target
.”
Sept
3,
2025
Susan
Collin
s,
Boston
Fed
Presid
ent,
2025
voter:
If
data
shows
“the
risks
of
worsen
ing
labor
market
condit
ions
relati
ve to
those
risks
of
elevat
ed
inflat
ion
…
then
it may
be
approp
riate
soon
to
begin
dialin
g
back”
intere
st
rates.
Aug
21,
2025
Neel
Kashka
ri,
Minnea
polis
Fed
Presid
ent,
2026
voter:
“Infla
tion
is
still
too
high,
but at
the
same
time,
the
labor
market
is
showin
g some
signs
of
coolin
g, so
it’s,
we’re
gettin
g into
a
tricky
positi
on now
for
the
Fed.”
Sept
3,
2025
Anna
Paulso
n,
Philad
elphia
Fed
Presid
ent,
2026
voter:
No
public
remark
s on
moneta
ry
policy
since
starti
ng the
job
July
1,
2025.
Notes: The current policy rate target range is 4.25%-4.50%. The median of Fed policymaker projections in June was for half a percentage point of rate cuts this year, though seven of the 19 projected no cuts at all. The Fed next publishes projections at its meeting in September.
The Fed’s seven governors, including the Fed chief and vice chairs, are nominated by the president and confirmed by the Senate. Three – Waller, Bowman and Miran, who is expected to join the Fed’s September meeting — were Trump picks. Three others — Barr, Jefferson and Cook, who is fighting Trump’s attempt to fire her — were picked by former President Joe Biden. Powell was nominated to the Board by President Barack Obama, elevated to be Fed chair by Trump in 2018, and renominated as Fed chair by Biden in 2022.
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.
FOMC Dove Dovis Centr Hawki Haw
Date h ist sh k
Sept 2 3 8 5 0
’25
July 1 3 8 7 0
’25
Jan.- 0 3 9 7 0
June
’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
throu
gh
July
’24
March 0 1 11 5 1
’24
Jan 0 2 9 4 1
’24
Dec 0 2 9 4 1
’23
Oct/N 0 2 7 5 2
ov
’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, Andrea Ricci and Paul Simao)
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