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Fed doves, Fed hawks: US central bankers in their words
2023-08-23 10:04:23

(Reuters) - 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 coronavirus pandemic sidelined those differences, turning U.S. Federal Reserve officials at first universally dovish as they sought to provide massive accommodation to a cratering economy, and then, when inflation surged, into hawks who uniformly backed aggressive rate hikes. Now, divisions are more evident, and the choices - to raise rates again, skip for now but stay poised for more later, or take an extended pause – more varied.


All 12 regional Fed presidents discuss and debate monetary policy at Federal Open Market Committee meetings, 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 following graphic offers a stab at how officials stack up on their outlook for Fed policy and how to balance their goals of stable prices and full employment. 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 the graphic.


Dove Dovish Centrist Hawkish Hawk


Austan John Jerome Chistopher


Goolsbee, Williams, Powell, Fed Waller,


Chicago Fed New York Chair, Governor,


President, Fed permanent permanent


2023 voter: President, voter: “It is voter: “If


“Hopefully permanent certainly inflation


we're going to voter: "To possible that does not


continue to me, the we would continue to


see debate is raise the show


improvement on really (federal) progress


the inflation about: Do funds rate and there


front.” Aug 1, we need to again at the are no


2023 do another September suggestions


rate meeting if of a


increase? the data significant


Or not?" warranted, slowdown in


Aug 2, and I would economic


2023 also say it's activity,


possible that then a


we would second


choose to 25-basis-po


hold steady int hike


at that should come


meeting.” sooner


July 26, 2023 rather than


later”


after the


July rate


hike. July


13, 2023


Patrick Lisa Cook, Philip Michelle


Harker, Governor, Jefferson, Bowman,


Philadelphia permanent Governor and Governor,


Fed President, voter: Vice Chair permanent


2023 voter: “If Designate, voter: “I


"Absent any confirmed, permanent expect that


alarming new I will voter: “The additional


data between stay economy faces increases


now and focused on multiple will likely


mid-September, inflation challenges, be needed


I believe we until our including to lower


may be at the job is inflation, inflation


point where we done.” banking-secto to the


can be patient June 21, r stress, and (Federal


and hold rates 2023 geopolitical Open Market


steady." Aug instability. Committee's


8, 2023 The Federal ) goal.”


Reserve must Aug. 7,


remain 2023


attentive to


them all.”


June 21, 2023


Raphael Susan Michael Barr, Loretta


Bostic, Collins, Vice Chair of Mester,


Atlanta Fed Boston Fed Supervision, Cleveland


President, President, permanent Fed


2024 voter: 2025 voter: “I'll President,


“I’d like if voter: “We just say for 2024 voter:


at all may be at, myself, I "My view is


possible to or near, think we're that the


make sure we the point close.” July funds rate


don’t do too where 10, 2023 will need


much, and do monetary to move up


more than is policy can somewhat


necessary to pause further


get us to that raising from its


2% target..” interest current


Aug 1, 2023 rates.” level and


May 25, then hold


2023 there for a


while.”


July 10,


2023


Mary Daly, San Neel


Francisco Fed Kashkari,


President, Minneapolis


2024 voter: Fed


“Whether we President,


raise another 2023 voter:


time, or hold “I'm not


rates steady ready to say


for a longer that we're


period -- done.” Aug.


those things 15, 2023


are yet to be


determined.”


Aug. 10, 2023.


Lorie Logan,


Dallas Fed


President,


2023 voter:


“The


continuing


outlook for


above-target


inflation and


a


stronger-than


-expected


labor market


calls for


more-restrict


ive monetary


policy.” July


6, 2023


Thomas


Barkin,


Richmond Fed


President,


2024 voter:


"The


reacceleratio


n scenario


has come onto


the table in


a way that it


really wasn't


three or four


months ago.”


Aug 22, 2023


Note: Fed policymakers have been driving up borrowing costs since March 2022 to bring down high inflation, and in July they increased the target policy rate range to 5.25%-5.5%. Most policymakers as of June expected at least one more rate hike by year’s end. Longtime banker Jeff Schmid starts as Kansas City Fed president Aug. 21, and will be a voter in 2025. St. Louis Fed President James Bullard, a vocal policy hawk, left the Fed in July for a job in academia; the new chief will be a 2025 voter.