(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

overheating of monetary policy economic data

the economy? So since Oct. 2024. came in

far, in recent   stronger...and the

months, there is inflation numbers

not a lot of printed higher

evidence." Jan. than desired. So

10, 2025 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.

    Adriana Kugler, Lorie Logan,  

Governor, Dallas 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, Neel Kashkari,  

Boston Fed Minneapolis Fed

President, 2025 President, 2026

voter: "With an voter: No public

economy that is comments on

in a good place monetary policy

overall and since Nov. 2024.

policy already

closer to a more

neutral stance,

I view the

current nature

of uncertainty

as calling for a

gradual and

patient approach

to

policymaking."

Jan. 9, 2025

    Patrick Harker, Thomas Barkin,  

Philadelphia Fed Richmond Fed

President, 2026 President, 2027

voter: "It's voter: The

appropriate for December consumer

us to take a bit price index data

of a pause right "continues the

now and see how story we have

things shake been on, which is

out." Jan. 9, that inflation is

2025 coming down

towards target."

Jan. 15, 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

Jan. '25 0 3 9 7 0

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