Aug 11 (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 Fed officials at first universally dovish as they sought to provide massive accommodation to a cratering economy, and then, when inflation surged, into hawks who uniformly backed aggressive rate hikes. Now, divisions are more evident, and the choices - to raise rates again, skip for now but stay poised for more later, or take an extended pause – more varied. All 12 regional Fed presidents discuss and debate monetary policy at Federal Open Market Committee meetings, 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 graphic offers a stab at how officials stack up on their outlook 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 the graphic. Dove Dovish Centrist Hawkish Hawk Austan John Jerome Chistopher Goolsbee, Williams, Powell, Fed Waller, Chicago Fed New York Chair, Governor, President, Fed permanent permanent 2023 voter: President, voter: “It is voter: “If “Hopefully permanent certainly inflation we're going to voter: "To possible that does not continue to me, the we would continue to see debate is raise the show improvement on really (federal) progress the inflation about: Do funds rate and there front.” Aug 1, we need to again at the are no 2023 do another September suggestions rate meeting if of a increase? the data significant Or not?" warranted, slowdown in Aug 2, and I would economic 2023 also say it's activity, possible that then a we would second choose to 25-basis-po hold steady int hike at that should come meeting.” sooner July 26, 2023 rather than later” after the July rate hike. July 13, 2023 Patrick Lisa Cook, Philip Michelle Harker, Governor, Jefferson, Bowman, Philadelphia permanent Governor and Governor, Fed President, voter: Vice Chair permanent 2023 voter: “If Designate, voter: “I "Absent any confirmed, permanent expect that alarming new I will voter: “The additional data between stay economy faces increases now and focused on multiple will likely mid-September, inflation challenges, be needed I believe we until our including to lower may be at the job is inflation, inflation point where we done.” banking-secto to the can be patient June 21, r stress, and (Federal and hold rates 2023 geopolitical Open Market steady." Aug instability. Committee's 8, 2023 The Federal ) goal.” Reserve must Aug. 7, remain 2023 attentive to them all.” June 21, 2023 Raphael Susan Michael Barr, Loretta Bostic, Collins, Vice Chair of Mester, Atlanta Fed Boston Fed Supervision, Cleveland President, President, permanent Fed 2024 voter: 2025 voter: “I'll President, “I’d like if voter: “We just say for 2024 voter: at all may be at, myself, I "My view is possible to or near, think we're that the make sure we the point close.” July funds rate don’t do too where 10, 2023 will need much, and do monetary to move up more than is policy can somewhat necessary to pause further get us to that raising from its 2% target..” interest current Aug 1, 2023 rates.” level and May 25, then hold 2023 there for a while.” July 10, 2023 Mary Daly, San Neel Francisco Fed Kashkari, President, Minneapolis 2024 voter: Fed “Whether we President, raise another 2023 voter: time, or hold “We're making rates steady good for a longer progress, and period -- we're staying those things on it. If we are yet to be need to hike- determined.” raise rates Aug. 10, 2023. further from here, we will do so.” July 30, 2023 Lorie Logan, Dallas Fed President, 2023 voter: “The continuing outlook for above-target inflation and a stronger-than -expected labor market calls for more-restrict ive monetary policy.” July 6, 2023 Thomas Barkin, Richmond Fed President, 2024 voter: "We have time before the next meeting ... to figure out whether the various forecasts of where the economy is going come true.” Aug 8, 2023 Note: Fed policymakers have been driving up borrowing costs since March 2022 to bring down high inflation, and in July they increased the target policy rate range to 5.25%-5.5%. Most policymakers as of June expected at least one more rate hike by year’s end. Longtime banker Jeff Schmid starts as Kansas City Fed president Aug. 21, and will be a voter in 2025. St. Louis Fed President James Bullard, a vocal policy hawk, left the Fed in July for a job in academia; the new chief will be a 2025 voter. (Reporting Ann Saphir, Howard Schneider, Michael S. Derby and Dan Burns; Editing by Andrea Ricci)
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