Jerome H. Powell Republican
Chair
Moderate Hawk · Board term ends 2028 (Chairmanship: May 2026)
Macroeconomic Modeling
Federal Reserve Board Composition
Political affiliations, monetary policy stances (Hawk vs. Dove), and interest rate projection scenarios across the Board of Governors.
Showing breakdown of Federal Reserve Governors by nominating political party.
Definitions & Stances
Hawk: Officials prioritizing price stability and lower inflation, typically leaning toward higher interest rates or delaying rate reductions.
Dove: Officials prioritizing employment and economic expansion, favoring lower borrowing costs and faster rate relief.
Projection Scenarios
Market Consensus Trajectory
Derived from the Fed dot plot, federal funds futures, and major investment bank projections (Goldman Sachs, J.P. Morgan, Morningstar).
Accelerated Easing Scenario
Modeled path if the Chair seat transitions in May 2026 to an aggressively dovish leadership team pushing for faster rate cuts.
Baseline Assumptions:
- Baseline starting Fed Funds target: 4.25% – 4.50%
- Long-term neutral interest rate: ~2.50% – 3.00%
- Current Chair term expiration: May 2026
Current Board of Governors
Philip N. Jefferson Democrat
Vice Chair
Moderate Dove · Board term ends 2036
Michelle W. Bowman Republican
Vice Chair for Supervision
Dove · Board term ends 2034
Michael S. Barr Democrat
Governor
Moderate Dove · Board term ends 2032
Lisa D. Cook Democrat
Governor
Moderate Dove · Board term ends 2038
Christopher J. Waller Republican
Governor
Dove · Board term ends 2030
Stephen Miran Nominated
Governor (Pending Confirmation)
Republican · Dove · Scheduled through 2026