(Reuters) -U.S. central bankers project more limited interest-rate cuts in 2025 than the full percentage point of reductions they delivered in 2024, given slower progress toward their 2% inflation goal, a still-strong labor market, and a lot of uncertainty over the potential impact of tax cuts, tariffs and other economic policies in Donald Trump’s second term as president.
Here is a look at comments from Fed policymakers since the last rate-setting decision, sorting them under the labels “dove” and “hawk” as a rough shorthand for their monetary policy leanings, as best as can be figured. 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 comments and published remarks; for more, 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
Christopher Jerome Powell, Michelle Bowman,
Waller, Governor, Fed Chair, Governor,
permanent voter: permanent permanent voter:
“If inflation is voter: “I think “We should be
down and the we’re in a good cautious in
labor market place, but I considering
stays solid, you think from here changes to the
could think about it’s a new phase policy rate as we
restarting rate and we’re going move toward a
cuts several to be cautious more neutral
months from about further setting…We
now… I don’t cuts.” Dec. 18, should also
think March could 2024 refrain from
be completely prejudging the
ruled out.” Jan. incoming
16, 2025 administration’s
future policies.”
Jan. 9, 2025
Lisa Cook, John Williams, Jeffrey Schmid,
Governor, New York Fed Kansas City Fed
permanent voter: President, President, 2025
“I think we can permanent voter: “I am in
afford to proceed voter: “While I favor of
more cautiously expect that adjusting policy
with further disinflation gradually going
cuts.” Jan. 6, will progress, forward and only
2025 it will take in response to a
time, and the sustained change
process may well in the tone of
be the data.” Jan.
choppy. Monetary 9, 2025
policy is well
positioned to
keep the risks
to our goals in
balance.” Jan.
15, 2025
Austan Goolsbee, Philip Alberto Musalem,
Chicago Fed Jefferson, Vice St. Louis Fed
President, 2025 Chair, permanent President, 2025
voter: “Is there voter: No public voter: Since
evidence of comments on September, “the
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