(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

  Lisa Cook, Jerome Powell, Michelle Bowman,  

Governor, Fed Chair, Governor,

permanent voter: permanent permanent voter:

"I think we can voter: "I think "We should be

afford to proceed we're in a good cautious in

more cautiously place, but I considering

with further think from here changes to the

cuts." Jan. 6, it's a new phase policy rate as we

2025 and we're going move toward a

to be cautious more neutral

about further setting...We

cuts." Dec. 18, should also

2024 refrain from

  prejudging the

incoming

administration's

future policies."

Jan. 9, 2025

  Austan Goolsbee, John Williams, Jeffrey Schmid,  

Chicago Fed New York Fed Kansas City Fed

President, 2025 President, President, 2025

voter: "Is there permanent voter: "I am in

evidence of voter: "While I favor of

overheating of expect that adjusting policy

the economy? So disinflation gradually going

far, in recent will progress, forward and only

months, there is it will take in response to a

not a lot of time, and the sustained change

evidence." Jan. process may well in the tone of

10, 2025 be the data." Jan.

9, 2025

choppy. Monetary  

policy is well

positioned to

keep the risks

to our goals in

balance." Jan.

15, 2025

    Philip Alberto Musalem,  

Jefferson, Vice St. Louis Fed

Chair, permanent President, 2025

voter: No public voter: Since

comments on September, "the

monetary policy economic data

since Oct. 2024. came in

  stronger...and the

inflation numbers

printed higher

than desired. So

I changed my

assessment of

risks." Jan. 10,

2025

    Michael Barr, Beth Hammack,  

Vice Chair of Cleveland Fed

Supervision, President, 2026

permanent voter: voter: No public

No public comments on

comments on monetary policy

monetary policy since Dec. 2024.

since May 2024.

    Christopher Lorie Logan,  

Waller, Dallas Fed

Governor, President, 2026

permanent voter: voter: No public

"I believe that comments on

inflation will monetary policy

continue to make since Nov. 2024.

progress toward

our 2% goal over

the medium term

and that further

reductions will

be appropriate."

Jan. 8, 2025

    Adriana Kugler, Neel Kashkari,  

Governor, Minneapolis Fed

permanent voter: President, 2026

"We are fully voter: No public

aware that we comments on

are not there monetary policy

yet - no one is since Nov. 2024.

popping

champagne

anywhere....And at

the same time

... we want the

unemployment

rate to stay

where it is."

Jan. 4, 2025

    Susan Collins, Thomas Barkin,  

Boston Fed Richmond Fed

President, 2025 President, 2027

voter: "With an voter: The

economy that is December consumer

in a good place price index data

overall and "continues the

policy already story we have

closer to a more been on, which is

neutral stance, that inflation is

I view the coming down

current nature towards target."

of uncertainty Jan. 15, 2025

as calling for a

gradual and

patient approach

to

policymaking."

Jan. 9, 2025

    Patrick Harker,    

Philadelphia Fed

President, 2026

voter: "It's

appropriate for

us to take a bit

of a pause right

now and see how

things shake

out." Jan. 9,

2025

    Raphael Bostic,    

Atlanta Fed

President, 2027

voter: No public

comments on

monetary policy

since Dec. 2024.

    Mary Daly, San    

Francisco Fed

President, 2027

voter: "At this

point, I would

not want to see

further slowing

in the labor

market." Jan. 4,

2025

Notes: Fed policymakers reduced the policy rate in December to the 4.25%-4.50% range. Projections showed most policymakers expect to cut rates by a half percentage point to the 3.75%-4.00% range by the end of this year, a smaller reduction than they saw in September.

The seven Fed governors, including the Fed chief and vice chairs, have permanent votes at the Federal Open Market Committee meetings, which are 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 and four others who vote for one year at a time on a rotating schedule. 

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

Dec. '24 0 2 10 7 0

Nov. '24 0 0 13 5 0

Sept '24 0 1 12 5 0

May through July '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