One dove, one hawk.

Speaking at a congressional hearing after Fed chair Janet Yellen, Atlanta Fed President Dennis P. Lockhart said that he sees no compelling reason to move ahead with a rate hike in March this year. According to him, there should be no urgency to hike rates as the Fed is still awaiting the stimulatory policies under the new administration. With regard to Donald Trump’s policy proposals, he said, "What I now detect is simply that the reality of crafting those policies may take a little longer than perhaps many believed a few weeks ago. So their impact on the economy could well come later rather than sooner.” He added that while there is no question that President Trump’s tax proposals and increase infrastructure spending could boost growth in the short term, it is debatable whether that alone can lift economy’s longer-run potential. He also expressed his worries on the downside risks that might stem from the trade policies.

Richmond Fed President Jeffrey Lacker sounded just opposite when it came to interest rate hikes. According to him, rates need to rise faster than the current market expectations. "The elevated uncertainty now surrounding fiscal policy, particularly the potential for substantial fiscal stimulus, suggests that our next increase should come sooner rather than later in order to reduce the risks associated with having to raise rates more rapidly later on.” He too was speaking before the senate committee.

None of them, however, votes this year on rates.