Dec 20 (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. Dove Dovish Centrist Hawkish Hawk Patrick Jerome Neel Michelle Harker, Powell, Fed Kashkari, Bowman, Philadelph Chair, Minneapol Governor, ia Fed permanent is Fed permanent President, voter: President voter: 2023 "Declaring , 2023 "My voter: "A victory voter: baseline decrease would be "When economic in the premature activity outlook policy ... But of continues continues rate is course the to run to expect not question is this hot, that we something 'when will that will need that is it become makes me to likely to appropriate question increase happen in to begin if policy the the short dialing is as federal term." back?" Dec tight as funds rate Nov. 8, 13, 2023 we assume further." 2023 it Nov. 28, currently 2023 is." Nov. 7, 2023 Raphael John Lorie Bostic, Williams, Logan, Atlanta New York Fed Dallas Fed President, Fed President, permanent President 2024 voter: "We , 2023 voter: aren't voter: "There's really "We have not going talking seen some to be about rate retraceme urgency cuts right nt in for us to now." Dec that start to 15, 2023 10-year pull off yield and of our financial restrictiv condition e stance." s, and so Dec 19, I'll be 2023 watching to see whether that continues and what that means for the implicati ons of policy," Nov. 7, 2023 Philip Loretta Jefferson, Mester, Vice Chair: Cleveland "We are in a Fed sensitive President period of , 2024 risk voter: management, "The next where we phase is have to not when balance the to reduce risk of not rates, having even tightened though enough, that's against the where the risk of markets policy being are at. too It's restrictive. about how " Oct. 9, long do 2023 we need monetary policy to remain restricti ve." Dec 18, 2023 Christopher Thomas Waller, Barkin, Governor, Richmond permanent Fed voter: "I am President increasingly , 2024 confident voter: that policy "We're is currently making well good positioned progress to slow the on economy and inflation get ... We're inflation not yet back to 2%." done with Nov. 28, inflation 2023 ." Dec 19, 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 Austan Goolsbee, Chicago Fed President, 2023 voter: "As inflation comes down, we've got to think about how restrictive do we want to be and are there dangers on the employment side of the mandate." Dec. 15, 2023 Mary Daly, San Francisco Fed President, 2024 voter: Holding rates steady as inflation falls increases the possibility "that we could overtighten quite easily, and so that's what I'm mindful of." Dec 18, 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. Fed projections released on Dec. 13 showed no policymakers believe rates should go any higher next year, and a majority see them dropping by at least 75 basis points. Neither Jeffrey 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 is seeking a new president to succeed 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 Dov Dovis Centr Hawki Haw e h ist sh k 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)
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