Jan 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 for a cratering economy, and then, when inflation surged, into hawks who uniformly backed aggressive interest rate hikes. Now, as Fed policymakers note an improvement on inflation and some cooling in the labor market, the risks are seen as more balanced and the choices more nuanced. 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 view the outlook for Fed policy and how best 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 Raphael Jerome Loretta Michelle Bostic, Powell, Fed Mester, Bowman, Atlanta Chair, Cleveland Governor, Fed permanent Fed permanent President, voter: "Decl President voter: 2024 aring , 2024 "While the voter: "If victory voter: current we would be "March is stance of continue premature probably monetary to see a ... But of too early policy further course the in my appears to accumulati question is estimatio be on of when will it n for a sufficient downside become rate ly surprises appropriate decline." restrictiv in the to begin Jan. 11, e ... I data it's dialing 2024 remain possible back?" Dec. willing to for me to 13, 2023 raise the get federal comfortabl funds rate e to further at advocate a future normalizat meeting." ion sooner Jan. 8, than the 2024 third quarter. But the evidence would need to be convincing ." Jan. 18, 2024 Patrick John Thomas Harker, Williams, Barkin, Philadelph New York Fed Richmond ia Fed President, Fed President, permanent President 2026 voter: "It , 2024 voter: will only be voter: "G "It's appropriate etting important to dial back inflation that we the degree under start to of policy control move rates restraint is down ... when we are criticall we don't confident y have to do that important it too inflation is ." Jan. fast, moving 5, 2024 we're not toward 2% on going to a sustained do it basis." Jan. right 10, 2024 away, it's going to take some time." Dec. 20, 2023 Philip Lorie Jefferson, Logan, Vice Chair: Dallas "We are in a Fed sensitive President period of , 2026 risk voter: management, "We where we shouldn’t have to take the balance the possibili risk of not ty of having another tightened rate enough, increase against the off the risk of table policy being just too yet." restrictive. Jan. 6, " Oct. 9, 2024 2023 Christopher Neel Waller, Kashkari, Governor, Minneapol permanent is Fed voter: "The President key thing is , 2026 the economy voter: is doing "When well. It is activity giving us continues the to run flexibility this hot, to move that carefully makes me and question methodically if policy ." Jan. 16, is as 2024 tight as we assume it currently is." Nov. 7, 2023 Michael Barr, Vice Chair of Supervision, permanent voter: The Fed is "at or near the peak" of interest rates." Nov. 17, 2023 Lisa Cook, Governor, permanent voter: "I see risks as two-sided, requiring us to balance the risk of not tightening enough against the risk of tightening too much." Nov. 16, 2023 Mary Daly, San Francisco Fed President, 2024 voter: "It takes patience. It takes gradualism." Jan. 19, 2024 Austan Goolsbee, Chicago Fed President, 2025 voter: "If we continue to make surprising progress, faster than was forecast, on inflation, then we have to take that into account in determining the level of restrictiven ess ... but we don’t want to commit ourselves before the job is done." Jan. 19, 2024 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%, occurred last July. Projections released on Dec. 13 showed no policymakers believe rates should go any higher this year, and a majority see them dropping by at least 75 basis points. Three policymakers – Fed Board Governor Adriana Kugler, Kansas City Fed President Jeffrey Schmid, and Alberto Musalem, who starts as the St. Louis Fed's president on April 2 – have not made any substantive policy remarks and are not included in the dove-hawk matrix. Below is a Reuters count of policymakers in each category, heading into recent Fed meetings. FOMC Date Dove Dovish Centrist Hawkish Hawk 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 (Reporting by Ann Saphir; Editing by Paul Simao)
Delayed 05:21:13 30/06/2024 BST | 5-day change | 1st Jan Change | ||
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1.264 USD | 0.00% | +0.04% | - | ||
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