(Reuters) -U.S. central bankers paused interest-rate cuts at their January 28-29 meeting, noting bumpy progress toward their 2% inflation goal, a still-strong labor market, and a lot of uncertainty over tariffs, tax cuts, and other economic policies under President Donald Trump.

Here is a look at their comments since then, sorting them under the labels "dove" and "hawk" as shorthand for their monetary policy leanings. A dove is more focused on risks to the labor market and may want to cut rates more quickly, while a hawk is more focused on the threat of inflation and may be more cautious about rate cuts.

The designations are based on comments and published remarks; for more, click on the photos in this graphic. For a breakdown of how Reuters' counts in each category have changed, please scroll to the bottom of this story. 

Dove Dovish Centrist Hawkish Hawk

  Christopher Jerome Powell, Michelle Bowman,  

Waller, Governor, Fed Chair, Governor,

permanent voter: permanent permanent voter:

No public voter: "We do "I continue to

comments on not need to be see upside risks

monetary policy in a hurry to to inflation….I

since Jan 2025. adjust our continue to

policy stance." prefer a cautious

Feb 11, 2025 and gradual

  approach to

adjusting

policy.” Jan 31,

2025

  Lisa Cook, John Williams,  

Governor, New York Fed Jeffrey Schmid,

permanent voter: President, Kansas City Fed

No public permanent President, 2025

comments on voter: No voter: No public

monetary policy public comments comments on

since Jan 2025. on monetary monetary policy

policy since since

Jan 2025. Jan

2025.

  Austan Goolsbee, Philip Alberto Musalem,  

Chicago Fed Jefferson, Vice St. Louis Fed

President, 2025 Chair, President, 2025

voter: "I think permanent voter: No public

we're on path voter: “We can comments on

back to 2% on the be patient and monetary policy

inflation wait to see the since Jan 2025.

side…And as that net effect of

inflation comes any policy

down, we can changes by the

commensurately be current

cutting the administration.

interest rate." ” Feb 5, 2025

Feb 7, 2025  

    Michael Barr, Beth Hammack,  

Vice Chair of Cleveland Fed

Supervision, President, 2026

permanent voter: "Given

voter: No current economic

public comments conditions, it

on monetary will likely be

policy since appropriate to

May 2024. hold the funds

rate steady for

some time.” Feb

11, 2025

    Adriana Kugler, Lorie Logan,  

Governor, Dallas Fed

permanent President, 2026

voter: “The voter: “If

prudent step is inflation comes

to hold the in close to 2% in

federal funds coming months…it

rate where it wouldn’t

is for some necessarily allow

time." Feb 7, the FOMC to cut

2025 rates soon.” Feb

6, 2025

    Susan Collins, Neel Kashkari,  

Boston Fed Minneapolis Fed

President, 2025 President, 2026

voter: "It's voter: "We're in

really a very good place

appropriate for to just sit here

policy to be until we get a

patient, lot more

careful, and information on

there's no the tariff front,

urgency for on the

making immigration

additional front, on the tax

adjustments." front, etc.” Feb

Feb 3, 2025 7, 2025

    Patrick Harker, Thomas Barkin,  

Philadelphia Richmond Fed

Fed President, President, 2027

2026 voter: No voter: "I start

public comments with a baseline

on monetary that is pretty

policy since favorable (to

Jan 2025. further

interest-rate

cuts)....That is

certainly the

lean." Feb 5,

2025

    Raphael Bostic,    

Atlanta Fed

President, 2027

voter: ”There

are a lot of

things I am

going to wait

and see about

... I'd be very

satisfied to

wait for a

while.” Feb 3,

2025

    Mary Daly, San    

Francisco Fed

President, 2027

voter:

“Uncertainty is

not paralysis.

It just means

you have to

watch and be

careful and

thoughtful as

you navigate

the information

we have.” Feb

4, 2025

Notes: The current policy rate target range is 4.25%-4.50%. As of December, Fed policymakers projected half of a percentage point of rate cuts this year, less than in 2024; they next publish projections at their March 18-19 meeting. 

The seven Fed governors, including the Fed chief and vice chairs, have permanent votes at the Federal Open Market Committee meetings, which are held eight times a year. All 12 regional Fed presidents discuss and debate monetary policy at the meetings, but only five cast votes, including the New York Fed president and four others who vote for one year at a time on a rotating schedule. 

Reuters over time has shifted policymaker designations based on fresh comments and developing circumstances. Below is a Reuters count of policymakers in each category, heading into recent Fed meetings. 

FOMC Date Dove Dovish Centrist Hawkish Hawk

Jan. '25 0 3 9 7 0

Dec. '24 0 2 10 7 0

Nov. '24 0 0 13 5 0

Sept '24 0 1 12 5 0

May through July '24 0 1 10 6 1

March '24 0 1 11 5 1

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

By Maria Martinez and Rene Wagner

BERLIN (Reuters) -Germany's trade surplus with the United States reached a record level last year, data from the statistics office showed, as countries wait to learn how U.S. President Donald Trump will impose tariffs on imported goods.

Germany's trade surplus with the U.S. expanded to 70 billion euros ($72 billion) in 2024, well above the previous record of 63.3 billion euros reported for the full year 2023.

"It would be hard to imagine worse timing," said Holger Goerg, from the Kiel Institute for the World Economy (IfW).

Trump substantially raised tariffs on steel and aluminum imports on Monday to 25% "without exceptions or exemptions". The White House on Tuesday declined to comment on the German trade surplus.

German Chancellor Olaf Scholz said the European Union was still awaiting formal notice of any new tariffs but that any such move would be met with retaliatory measures.

The increase in trade surpluses could reverse, Goerg said, if Trump imposed new tariffs on German imports, a measure the U.S. president says would boost U.S. manufacturing.

Damon V. Pike, a trade specialist and principal with the U.S. division of global accounting firm BDO International, said Trump had long been frustrated by Germany's longstanding reliance on exports and failure to pump up domestic demand.

“He’s talked about that, how he’s sick of these persistent trade deficits with the European Union,” he said, noting that Trump had already flagged plans to put tariffs on EU imports as early as next week.

Investing.com-- Gold prices rose to fresh record highs in Asian trade on Tuesday as persistent concerns over increased trade tariffs under U.S. President Donald Trump fueled safe haven demand. 

The yellow metal vastly outpaced other metals, shrugging off strength in the dollar after Trump signed orders imposing 25% tariffs on all steel and aluminum imports to the U.S.

Trump also raised the prospect of more trade duties this week. 

Increased geopolitical jitters also fueled gold demand, after Trump demanded Hamas return all Israeli hostages by this weekend, warning of dire consequences. 

Spot gold hit a record high of $2,942.69 an ounce, while gold futures jumped to a peak of $2,968.39 an ounce, before trading slightly below the highs by 00:42 ET (05:42 GMT). 

Gold rallies as Trump imposes 25% steel and aluminum tariffs 

Trump on Monday signed an executive order imposing 25% tariffs on all steel and aluminum imports, the latest in his line of trade tariffs. The new tariffs will become effective by March 12.

The U.S. President said he could raise tariffs on the commodities further, and also said he will reveal plans for reciprocal tariffs against major U.S. trading partners this week.

This comes just a week after Trump slapped China with 10% tariffs, drawing ire and retaliation from Beijing.

Markets feared that more tariffs from Trump will escalate an already brewing trade war between the world’s biggest economies, sparking disruptions in global trade and denting economic activity. This notion pushed traders squarely into safe havens such as gold.

Traders also feared that Trump’s tariffs- which will be paid by U.S. importers- will underpin inflation in the coming months. Consumer price index inflation data for January, due on Wednesday, is set to offer more cues on inflation and interest rates.

Other precious metals were far less upbeat than gold, as the dollar firmed on Trump’s tariffs. Platinum futures fell slightly to $1,035.50 an ounce, while silver futures fell 0.5% to $32.343 an ounce. 

Industrial metals were rattled by Trump’s tariffs, with benchmark copper futures on the London Metal Exchange falling 0.6% to $9,411.25 a ton. March copper futures fell 0.3% to $4.6788 a pound. 

Trump threatens to let “all hell break loose” over Gaza hostages 

Trump also ratcheted up concerns over Middle Eastern relations, after he threatened to let “all hell break loose” against Hamas if the militant group did not return all its Israeli hostages by Saturday.

Trump said if the hostages were not returned, he would propose cancelling the recently-signed Israel-Hamas ceasefire. This came after Hamas suspended the release of some Israeli hostages on allegations that Israel had violated the ceasefire.

Trump’s rhetoric on Israel and Hamas has ramped up concerns over a wider escalation in the Middle East conflict. He had earlier suggested displacing Palestinians living in Gaza to surrounding Arab countries- a move that was categorically rejected by Middle Eastern countries. 

A look at the day ahead in European and global markets from Tom Westbrook

Gold made a foray towards the $3,000-an-ounce mark in the Asia session overnight, touching $2,942, functioning as markets' release valve for the unpredictability of Donald Trump.

Central banks have been big buyers for months, along with investors seeking safety. Worries about U.S. tariffs on gold have also set off a scramble to get the stuff out of London vaults and across the Atlantic.

Stocks broadly steadied on Tuesday as Trump said he was considering exempting Australia from steel tariffs, following a call with Australia's Prime Minister - reinforcing investors' belief that everything's negotiable.

Trump likes that the U.S. runs a trade surplus with Australia and said "the reason is they buy a lot of airplanes. They're rather far away and they need lots of airplanes."

He has vowed to impose reciprocal tariffs on countries over the next two days.

Markets' focus on Tuesday will likely also be on Fed Chair Jerome Powell's testimony on Capitol Hill, where he is sure to be questioned about his thinking on inflation and tariffs.

He is due to appear over two days and on Wednesday his testimony will follow consumer price data for January.

Markets have already scaled back expected rate cuts this year to just 38 basis points.

EV MARKET BATTLE INTENSIFIES

A DeepSeek-esque shakeout unfolded among electric vehicle stocks on Tuesday.

China's BYD (SZ:002594) has started offering advanced autonomous driving features on most of its models, including ones priced as low as $9,555, far undercutting competitors such as Tesla (NASDAQ:TSLA).

And Leapmotor (HK:9863), the Chinese partner of Stellantis (NYSE:STLA), launched on Tuesday a new EV with smart driving technology priced under 150,000 yuan ($20,535).

Tesla shares were down 3% to a two-month low overnight while shares in Chinese automakers Xpeng (NYSE:XPEV) and Geely Auto (HK:0175) tumbled in Hong Kong on Tuesday.

BYD's Hong Kong shares, meanwhile, climbed more than 4% to a record high.

Key developments that could influence markets on Tuesday:

- Earnings: BP (NYSE:BP), Banco BPM

- Speeches: BoE's Mann and Bailey

- Jerome Powell testifies to the Senate Banking, Housing and Urban Affairs Committee

By Nidhi Verma

NEW DELHI (Reuters) -Indian oil companies are looking to buy U.S. liquefied natural gas (LNG), buoyed by the Trump administration's lifting of a ban on export permits for new projects, Oil Secretary Pankaj Jain said on Monday.

The world's fourth largest importer of LNG, India aims to raise the share of gas in its energy mix to 15% by 2030 from 6.2% now.

"Indian oil companies are talking to U.S. companies for additional LNG sourcing," Jain said, adding that among such companies were GAIL (India) (NSE:GAIL) Ltd, Indian Oil Corp and Bharat Petroleum (NSE:BPCL) Corp.

Indian companies will discuss gas sourcing with suppliers of U.S. LNG on the sidelines of the four-day India Energy Week conference from Monday, Jain told reporters.

Indian companies would consider buying stakes in U.S. LNG projects if the deals were attractive, he added.

GAIL will revive plans to buy a stake in a U.S. LNG plant or secure a long-term US LNG deal, its chairman, Sandeep Kumar Gupta, told Reuters.

GAIL now imports 5.8 million tons of U.S. LNG annually under long-term deals, split between Berkshire Hathaway (NYSE:BRKa) Energy's Cove Point plant and Cheniere Energy (NYSE:LNG)'s Sabine Pass site in Louisiana.

The bulk of India's LNG imports under long term deals is supplied by Qatar, with prices linked to crude oil. India's gas sourcing portfolio should have a mix of both U.S. Henry Hub and crude oil linked prices, Jain said.

Indian companies are particularly keen to buy LNG from the U.S. as crude oil could be purchased from multiple suppliers.

Indian Oil Minister Hardeep Singh Puri said energy imports from the United States would be discussed when Prime Minister Narendra Modi meets President Donald Trump this week.

At least six Asian countries, including Japan and Taiwan, have expressed interest in buying U.S. LNG, with some hoping to narrow their trade deficits in the face of Trump tariff threats, while others look to expand and diversify supplies.

Investing.com-- U.S. stock index futures fell on Monday evening as President Donald Trump signed executive orders imposing tariffs on major metal imports, while caution before key inflation data also weighed.

Futures fell after a positive session on Wall Street, as investors engaged in some dip-buying from last week’s losses. Heavyweight technology stocks were the biggest drivers of gains. 

S&P 500 Futures fell 0.2% to 6,075.50 points, while Nasdaq 100 Futures fell 0.3% to 21,789.25 points by 19:21 ET (00:21 GMT). Dow Jones Futures fell 0.2% to 44,504.0 points. 

Trump signs orders on steel, aluminum tariffs 

Trump on Monday signed executive orders imposing 25% tariffs on steel and aluminum imports, while also stating that there would be no exceptions to the duties. 

Major steel exporters such as Canada, Mexico, and Brazil were subject to some quota-based tariff exceptions, which will now be revoked.

Trump warned that tariffs on metals could go higher, and that he was considering tariffs on cars, chips, and pharmaceuticals. The U.S. President also flagged plans to raise U.S. import tariffs to match foreign duties on the import of U.S. goods.

Trump’s renewed tariff talk had rattled Wall Street last week, setting up U.S. stocks for some dip-buying on Monday. 

The S&P 500 Futures rose 0.7% to 6,066.48 points, while the NASDAQ Composite rose nearly 1% to 19,714.27 points. The Dow Jones Industrial Average rose 0.4% to 44,470.41 points. 

Gains in heavyweight technology stocks, particularly chipmakers, buoyed Wall Street, as a raft of Wall Street’s so-called artificial intelligence hyperscalers signaled that they will increase AI spending in 2025.

Energy stocks surged tracking gains in oil prices, as investors bet that tariff-related disruptions in the oil supply chain will tighten markets. 

But overall gains were limited by weakness in cyclical stocks, amid growing uncertainty over the U.S. economic outlook.

CPI inflation data due this week, to offer more rate cues

Focus was now squarely on upcoming consumer price index inflation data, due on Wednesday, for more cues on the world’s largest economy.

The reading is expected to show inflation remained sticky in January, giving the Federal Reserve little impetus to cut interest rates in the near-term. 

Several Fed officials have warned in recent weeks that uncertainty over Trump’s policies- which could be inflationary in nature- will keep the central bank from cutting interest rates. 

By Lisa Baertlein

(Reuters) - U.S. container imports hit a record high in January, with goods from China notching a year-over-year gain of 10.2%, supply chain technology provider Descartes (NASDAQ:DSGX) said on Monday.

U.S. seaports handled 2.49 million 20-foot equivalent units (TEUs) in January, topping the previous January import record set in 2022. Goods from China accounted for 997,909 TEUs of last month's total.

Some U.S. importers have been rushing in some goods ahead of expected new tariffs and other potential supply-chain disruptions. Goods ranging from plastic toys to parts from machinery have ticked higher in recent months, experts said.

President Donald Trump imposed a new 10% tariff on Chinese goods as of February 4 but paused until March more aggressive 25% tariffs on imports from Mexico and Canada to allow for further negotiations.

By Lisa Baertlein

(Reuters) - U.S. container imports hit a record high in January, with goods from China notching a year-over-year gain of 10.2%, supply chain technology provider Descartes (NASDAQ:DSGX) said on Monday.

U.S. seaports handled 2.49 million 20-foot equivalent units (TEUs) in January, topping the previous January import record set in 2022. Goods from China accounted for 997,909 TEUs of last month's total.

Some U.S. importers have been rushing in some goods ahead of expected new tariffs and other potential supply-chain disruptions. Goods ranging from plastic toys to parts from machinery have ticked higher in recent months, experts said.

President Donald Trump imposed a new 10% tariff on Chinese goods as of February 4 but paused until March more aggressive 25% tariffs on imports from Mexico and Canada to allow for further negotiations.

Investing.com-- Gold prices rose to record highs on Monday, buoyed by increased safe haven demand after U.S. President Donald Trump announced more trade tariffs, this time aimed at commodity imports.

Trump also flagged the potential for more tariffs this week, keeping markets largely on edge. Risk-driven assets retreated across Asia, while the dollar firmed.

But strength in the dollar did little to limit gold’s near-term advance.

Spot gold rose 1.1% to a record high $2,892.30 an ounce, while gold futures expiring in April rose 0.9% to $2,916.05 an ounce. 

Trump announces 25% tariffs, sends traders running for gold 

Trump on Sunday said he will impose 25% trade tariffs on all imports of aluminum and steel to the U.S., sparking jitters over more headwinds to global trade. 

Trump also flagged plans for reciprocal tariffs, which will see U.S. import duties increased to match those imposed by the country’s other trading partners. 

The announcement came just days after Trump’s 10% tariffs against China took effect. Beijing had retaliated with its own trade measures against the tariffs.

The tariffs ramped up concerns over an escalating trade war between the world’s biggest economies, which could disrupt trade and bode poorly for global growth. 

This notion spurred safe haven plays into gold.

Other precious metals were less upbeat. Silver futures were flat at $32.465 an ounce, while platinum futures rose 0.6% to $1,015.10 an ounce.

Among industrial metals, benchmark copper futures on the London Metal Exchange were flat at $9,416.45 a ton, while March copper futures fell slightly to $4.5990 a pound. 
 

Gold gains limited by rate jitters; inflation in focus

While gold was sitting on strong gains and record highs in the past week, bigger gains were somewhat limited by resilience in the dollar, with traders also bracing for high U.S. interest rates in the coming months.

Analysts and Federal Reserve officials have warned that Trump’s tariffs, which will be borne by U.S. importers, could underpin inflation and give the Fed less impetus to cut interest rates. 

To this end, U.S. consumer price index inflation data for January is due later this week, and is widely expected to factor into expectations for U.S. interest rates. 

Investing.com-- Asian stocks had a mixed start to the week, with most indices retreating after fresh tariff announcements from U.S. President Donald Trump, while Chinese shares extended their rally on optimism around AI and fresh stimulus hopes following weak inflation data.

U.S. stock index futures were higher in Asia hours on Monday.

Asia mining stocks drop after Trump tariffs on steel, aluminum imports

Most Asian stock markets were under pressure after Trump announced new 25% tariffs on all steel and aluminum imports. 

This move has heightened concerns over escalating trade tensions and their potential impact on the global economy.

China’s retaliatory tariffs on U.S. goods are set to take effect later in the day, and is further contributing to a subdued sentiment.

South Korea’s KOSPI ticked 0.1% lower, but major steel producers experienced notable declines. 

POSCO (NYSE:PKX) Holdings (KS:005490) shares dropped nearly 2%, while Hyundai Steel (KS:004020) stock saw a 2.5% fall.

Japan’s Nikkei 225 edged 0.2% lower, while TOPIX fell 0.3%. Nippon Steel Corp (TYO:5401) shares were 1.5% lower, while Uacj Corp (TYO:5741) fell more than 1%

Australia's S&P/ASX 200 index fell 0.4%, with the mining sub-index S&P/ASX 300 Metals & Mining dropping nealy 1%.

Indonesia's Jakarta Stock Exchange Composite Index index slumped 2%, while India's Nifty 50 opened 0.4% lower.

China AI stocks extend bullish run, markets assess Jan CPI

Despite the escalating trade war between the world’s two biggest economies, China's AI sector, led by companies like DeepSeek, has demonstrated resilience, bolstering investor confidence.

China’s Shanghai Composite rose 0.4% on Monday, while the Shanghai Shenzhen CSI 300 index was largely unchanged. Hong Kong’s Hang Seng index jumped 1.5%. 

Hong Kong-listed Chinese AI-related stocks continued their bullish run.

Baidu (NASDAQ:BIDU) Inc (HK:9888) shares gained 3.5%, while Alibaba (NYSE:BABA) Group (HK:9988) stock jumped more than 4%.

Xiaomi (OTC:XIACF) Corp (HK:1810) shares were 1.5% higher after hitting a record high in the previous session.

Meanwhile, investors assessed the January inflation report from China.

The consumer price index (CPI) rose moderately in January, while the producer price index (PPI) saw consistent declines.

This data highlighted persistent weakness in both household spending and industrial activity, key drivers of economic growth.

Markets are closely watching China’s policy response. Weak inflation could prompt Beijing to roll out more stimulus measures, such as interest rate cuts or infrastructure spending, to boost its sluggish economy.