U.S. Interest Rate Decisions

(Reuters) – U.S. central bankers paused interest-rate cuts at their January 28-29 meeting, noting bumpy progress toward their 2% inflation goal, a still-strong labor market, and uncertainty over tariffs, tax cuts, and other economic policies under President Donald Trump.

Monetary Policy Comments

Here is a look at their comments since then, sorted 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 comments and published remarks. For a breakdown of how Reuters’ counts in each category have changed, please scroll to the bottom of this story.

Dove Commentators

• Christopher Waller, Fed Chair: “We do not need to be in a hurry to adjust our policy stance.” (Feb 11, 2025)
• Lisa Cook, Governor: No comments since Jan 2025.
• Austan Goolsbee, Chicago Fed President: “I think we’re on a path back to 2% on the inflation side…” (Feb 7, 2025)
• Michael Barr, Vice Chair: “It will likely be appropriate to hold the funds rate steady for some time.” (Feb 11, 2025)
• Adriana Kugler, Governor: “The prudent step is to hold the federal funds rate where it is for some time.” (Feb 7, 2025)
• Susan Collins, Boston Fed President: “It’s really a very appropriate policy to be patient and careful.” (Feb 3, 2025)

Hawkish Commentators

• Michelle Bowman, Governor: “I continue to see upside risks to inflation…” (Jan 31, 2025)
• John Williams, New York Fed President: No comments since Jan 2025.
• Alberto Musalem, St. Louis Fed President: “We can be patient and wait to see the net effect of any policy changes.” (Feb 5, 2025)
• Lorie Logan, Dallas Fed President: “If inflation comes in close to 2%… it wouldn’t necessarily allow the FOMC to cut rates soon.” (Feb 6, 2025)
• Neel Kashkari, Minneapolis Fed President: “We’re in a good place to just sit here until we get more information on the tariff front, etc.” (Feb 7, 2025)
• Thomas Barkin, Richmond Fed President: “I start with a baseline that is pretty favorable (to further interest-rate cuts)…” (Feb 5, 2025)

Current Economic Climate

• Raphael Bostic, Atlanta Fed President: “There are a lot of things I am going to wait and see about…” (Feb 3, 2025)
• Mary Daly, San Francisco Fed President: “Uncertainty is not paralysis… you have to watch and be careful.” (Feb 4, 2025)

Additional Information

Notes: The current policy rate target range is 4.25%-4.50%. As of December, Fed policymakers projected half of a percentage point of rate cuts this year, less than in 2024; they next publish projections at their March 18-19 meeting.

The seven Fed governors, including the Fed chief and vice chairs, have permanent votes at the Federal Open Market Committee meetings, held eight times a year. All 12 regional Fed presidents discuss and debate monetary policy at the meetings, but only five cast votes, including the New York Fed president.

Policymaker Designations Over Time