By Ann Saphir Nov 30 (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 for a cratering economy, and then, when inflation surged, into hawks who uniformly backed aggressive interest rate hikes. Now, as Fed policymakers note improvement on inflation and some cooling in the labor market but also stronger-than-expected economic growth, divisions are more evident, and the choices more varied: to raise rates again, skip for now but stay poised for more later, or take an extended pause. All 12 regional Fed presidents discuss and debate monetary policy at Federal Open Market Committee (FOMC) meetings that are 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 chart offers a look at how officials currently stack up on their outlooks 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 this graphic. Reuters over time has shifted policymaker designations based on fresh comments and developing circumstances - for an accounting of how our counts have changed please scroll to the bottom of this story. Dove Dovish Centrist Hawkish Hawk Patrick John Jerome Michelle Harker, Williams, New Powell, Bowman, Philadelph York Fed Fed Governor, ia Fed President, Chair, permanent President, permanent permanent voter: 2023 voter: "We voter: "My voter: "A are at, or "If it baseline decrease near, the becomes economic in the peak level of appropria outlook policy the target te to continues rate is range of the tighten to expect not federal funds policy that we something rate." Nov further, will need that is 30, 2023 we will to likely to not increase happen in hesitate the the short to do federal term." so." Nov. funds rate Nov. 8, 9, 2023 further." 2023 Nov. 28, 2023 Raphael Philip Christoph Loretta Bostic, Jefferson, er Mester, Atlanta Vice Chair: Waller, Cleveland Fed "We are in a Governor, Fed President, sensitive permanent President, 2024 period of voter: "I 2024 voter: "I risk am voter: don’t management, increasin "Monetary think where we have gly policy is we’ve seen to balance confident in a good the full the risk of that place for effects of not having policy is policymake restrictiv tightened currently rs to e policy." enough, well assess Nov. 29, against the positione incoming 2023 risk of d to slow informatio policy being the n on the too economy economy restrictive.” and get and Oct. 9, 2023 inflation financial back to conditions 2%." Nov. ." Nov. 28, 2023 29, 2023 Michael Barr, Neel Vice Chair of Kashkari, Supervision, Minneapol permanent is Fed voter: The President Fed is "at or , 2023 near the voter: peak" of "When interest activity rates.” Nov. continues 17, 2023 to run this hot, that makes me question if policy is as tight as we assume it currently is." Nov. 7, 2023 Lisa Cook, Lorie Governor, Logan, permanent Dallas voter: "I Fed see risks as President two-sided, , 2023 requiring us voter: to balance "We have the risk of seen some not retraceme tightening nt in enough that against the 10-year risk of yield and tightening financial too much." condition Nov. 16, 2023 s, and so I'll be watching to see whether that continues and what that means for the implicati ons of policy," Nov. 7, 2023 Austan Goolsb Thomas ee, Chicago Barkin, Fed Richmond President, Fed 2023 voter: President "If we hit , 2024 the targets voter: that we "If expect to inflation hit, then we is going would be on to flare path to get back up, to 2%, and I think that's what I you want call the to have golden path." the Nov. 17, 2023 option of doing more on rates." Nov. 29, 2023 Mary Daly, San Francisco Fed President, 2024 voter: "I'm thinking about whether we have enough tightening in the system and are sufficiently restrictive to restore price stability. Discussions about interest rate cuts are not particularly helpful at the moment." Nov. 30, 2023 Susan Collins, Boston Fed President, 2025 voter: The Fed should be "patient and resolute, and I wouldn't take additional firming off the table." Nov. 17, 2023 Note: Fed policymakers began raising interest rates in March 2022 to bring down high inflation. Their most recent policy rate hike, to a range of 5.25%-5.50%, was in July. Most policymakers as of September expected one more rate hike by the end of this year, but recently many have expressed more confidence that none will be needed. Neither Jeff Schmid, who has been Kansas City Fed's president since August and will be a voter on the FOMC in 2025, nor Adriana Kugler, a permanent voter who was confirmed to the Fed's Board of Governors in September, have yet made any substantive policy remarks. The St. Louis Fed has begun a search to replace its former president, James Bullard, who took a job in academia; the new chief will be a voter on the policy-setting committee in 2025. Interim St. Louis Fed chief Kathleen O'Neill Paese appears to lean hawkish. Below is a Reuters count of policymakers in each category, heading into recent Fed meetings. FOMC Date Dove Dovish Centris Hawkish Hawk t 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 (Reporting by Ann Saphir in Berkeley, California; Editing by Matthew Lewis and Paul Simao)
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