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Publish Date: Fri, 01 Dec 2023, 19:25 PM

Dec 1 (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, 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 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.
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 the 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.
https://www.reuters.com/markets/us/fed-hawks-doves-centrists-how-us-central-bankers-views-are-changing-2023-12-01/