# Hawko Review

> Hawko Review is an independent publication covering Federal Reserve, FOMC & central banks. Focus: FOMC statements, minutes and testimony reviewed. Published by Independent Journal; sponsored by Adamson Brothers Corp. (see the About page). Articles are drafted from primary sources with AI assistance and reviewed under our editorial policy. Not investment advice.

## Usage
- AI crawlers and assistants may read and index this site.
- Quotation and citation are welcome with attribution to the publication and a link to the article URL.
- News articles are time-sensitive; check the publication date. Guides are evergreen and updated over time.

## Sections
- [Latest news](https://hawkoreview.com/): newest articles first
- [Guides](https://hawkoreview.com/guides/): evergreen explainers
- [Topics](https://hawkoreview.com/topics/): topic index
- [Writers](https://hawkoreview.com/authors/): bylines and beats
- [RSS feed](https://hawkoreview.com/rss.xml)
- [Sitemap](https://hawkoreview.com/sitemap-index.xml)

## Guides
- [Hawkish vs. dovish: reading the language of a hawkish Fed](https://hawkoreview.com/hawkish-vs-dovish-language-of-fed-policy/): What hawkish and dovish mean at the Federal Reserve, how to spot each in FOMC statements, Fed testimony and the dot plot, and why the labels can mislead.
- [FOMC minutes vs. the statement: what each tells you](https://hawkoreview.com/fomc-minutes-vs-the-statement/): How FOMC minutes differ from the FOMC statement: timing, content, authorship, what participants' views reveal, and how to read the two documents together.
- [How to read an FOMC statement, paragraph by paragraph](https://hawkoreview.com/how-to-read-an-fomc-statement/): A reader's guide to the FOMC statement: what each paragraph does, which wording changes matter, how to read the vote line, and how it ties to the dot plot.
- [How an FOMC meeting works, from the agenda to the FOMC statement](https://hawkoreview.com/how-an-fomc-meeting-works-explained/): A plain-English guide to how an FOMC meeting works: who votes, how often the committee meets, what is released afterward, and how decisions reach the public.

## Recent articles
- [China Lifts FX Reserve Ratio to Cool Yuan; Markets Watch](https://hawkoreview.com/china-fx-reserve-ratio-yuan-markets/) (2026-11-03): China will raise its foreign-exchange deposit reserve ratio to 6% from November 15 to slow yuan gains. What the move means for central banks and global markets.
- [Stock market braces for midterms, earnings and jobs data](https://hawkoreview.com/stock-market-midterms-earnings-jobs-data/) (2026-10-30): A packed calendar of US midterm elections, corporate earnings and jobs data meets an AI-wary stock market, while Europe's growth slows and Lagarde's exit looms.
- [Hawkish Fed Risk Grows as GDP Beats and Inflation Accelerates](https://hawkoreview.com/hawkish-fed-gdp-inflation-warsh-december/) (2026-10-29): Third-quarter GDP grew 3.4% and September inflation picked up, while Kevin Warsh keeps Wall Street guessing on a possible December hike. Here is what it means.
- [FOMC statement: Warsh says US economy isn't running too hot](https://hawkoreview.com/fomc-statement-warsh-economy-not-running-hot/) (2026-10-28): Fed Chair Warsh said after the October FOMC statement that the US economy is not running too hot. Here is what that framing signals and what to watch next.
- [Hawkish Fed Bets Build as Stocks Rally Into FOMC Decision](https://hawkoreview.com/hawkish-fed-stocks-rally-ahead-fomc-decision/) (2026-10-27): Wall Street closed higher on renewed AI enthusiasm as oil held near April highs and a CNBC survey pointed to Fed rate hikes ahead, just not at this week's meeting.
- [US-Canada Tariff Talks Add a Wrinkle to the Next FOMC Statement](https://hawkoreview.com/us-canada-tariff-deal-fomc-statement/) (2026-10-26): US and Canada are reportedly working on a deal to ease steel and auto tariffs. Here is why that matters for the Fed's inflation read and its next FOMC statement.
- [FOMC Minutes Point to a Year-End Hike as October Meeting Nears](https://hawkoreview.com/fomc-minutes-year-end-hike-october-meeting/) (2026-10-24): Before the October 27-28 meeting, the September FOMC minutes, dot plot, Beige Book and Treasury yields frame whether the Fed's next hike comes now or in December.
- [AI job losses and women: what labor history means for the Fed](https://hawkoreview.com/ai-job-losses-women-labor-market-fed/) (2026-10-19): Economists say AI may hit clerical jobs held mostly by women. Telephone operators and the PC show the risk and recovery, and why Fed officials watch AI hiring.
- [Fed Blackout Begins Ahead of the October FOMC Statement](https://hawkoreview.com/fed-blackout-begins-october-fomc-statement/) (2026-10-17): The Fed's blackout for the October 27-28 meeting began Saturday. Here is what the rule bars, what keeps flowing, and why the FOMC statement is the next signal.
- [Bowman in Bangkok: Supervisory Modernization After SVB](https://hawkoreview.com/bowman-supervisory-modernization-silicon-valley-bank/) (2026-10-15): Bowman used a Bangkok speech to the Reinventing Bretton Woods Committee to address supervisory modernization after Silicon Valley Bank. Here is what is known and what to watch.
- [Bowman speech on SVB review: supervisors knew nine months early](https://hawkoreview.com/bowman-speech-svb-review-supervisory-modernization/) (2026-10-15): In Bangkok, Fed Vice Chair Michelle Bowman cited an independent SVB review that found missed supervisory action and called for clearer decision rights.
- [Beige Book October 2026: Price Pressure Before the FOMC Statement](https://hawkoreview.com/beige-book-october-2026-fomc-statement/) (2026-10-14): The Fed's October Beige Book finds flat-to-slight growth, little net hiring and oil-driven price gains, setting the backdrop for the October 28 FOMC statement.
- [Fed Discount Rate Minutes Are Out, Distinct From FOMC Minutes](https://hawkoreview.com/fed-discount-rate-minutes-fomc-minutes-difference/) (2026-10-13): The Fed released minutes of Board discount rate meetings from August 17, September 9 and September 16, 2026. Here is what the release is and how it differs from FOMC minutes.
- [Hawkish Fed: Discount Rate Minutes Show Banks Pushed a Hike](https://hawkoreview.com/hawkish-fed-discount-rate-minutes-september-hike/) (2026-10-13): Minutes of the Fed's August and September discount rate meetings show Reserve Bank requests for a higher rate grew from two to seven before the September hike.
- [Dot plot as signal: Waller on what the SEP says about hikes](https://hawkoreview.com/dot-plot-waller-signaling-value-summary-economic-projections/) (2026-10-08): Governor Waller said the dot plot signals more rate hikes: 16 of 18 participants expect at least one more this year, and futures show an 85% chance by December.
- [FOMC minutes for September 15-16 meeting: what to look for](https://hawkoreview.com/fomc-minutes-september-2026-meeting/) (2026-10-07): The Fed released FOMC minutes from its September 15-16, 2026 meeting. Here is what the release is, why it matters, and which signals readers should check first.
- [Bank supervision: Bowman moves Fed oversight into five regions](https://hawkoreview.com/bank-supervision-bowman-five-regions-restructuring/) (2026-10-06): Vice Chair for Supervision Bowman said the Fed will realign bank supervision into five state-aligned regions and revisit asset thresholds and CAMELS ratings.
- [FRED data and AI agents: Waller on half of visits being bots](https://hawkoreview.com/fred-data-ai-agents-waller-st-louis-fed/) (2026-10-01): Governor Waller said AI agents now account for about half of FRED visits, traffic is growing 150% a year, and Board data will be routed to the FRED platform.
- [Dual mandate in rural America: Cook on jobs, prices and credit](https://hawkoreview.com/dual-mandate-rural-america-cook-jobs-prices/) (2026-09-30): Governor Cook said rural labor markets track the nation's but job growth has tilted urban, while energy and housing costs weigh more on rural household prices.
- [Hawkish Fed: Barr says more rate increases likely after hike](https://hawkoreview.com/hawkish-fed-barr-further-rate-increases-likely/) (2026-09-29): Governor Barr told the Detroit Economic Club that inflation is too high, risks have shifted from jobs to prices, and further policy adjustments are likely.
- [Cook on AI and inflation: near-term pressure, slower relief](https://hawkoreview.com/cook-ai-and-inflation-short-term-pressure-later-relief/) (2026-09-28): Governor Cook said AI investment is adding to inflation now, productivity gains may ease prices modestly in a few years, and she backed the September rate hike.
- [Housing affordability: Barr on shelter costs and the Fed's role](https://hawkoreview.com/housing-affordability-barr-shelter-costs-fed-rates/) (2026-09-23): Governor Barr said housing affordability is at a 21-year low by one Atlanta Fed gauge, blamed a supply shortfall, and tied mortgage relief to lower inflation.
- [Discount window modernization: Jefferson links it to Treasuries](https://hawkoreview.com/discount-window-modernization-jefferson-treasury-market/) (2026-09-22): Vice Chair Jefferson said Fed discount window upgrades, including a portal now used for over 60% of loan requests, support banks and Treasury market liquidity.
- [Dot plot after the September hike: median sees 4.1% in 2026](https://hawkoreview.com/september-2026-dot-plot-fed-projections-rate-path/) (2026-09-16): The September 2026 dot plot puts the median federal funds rate at 4.1% for 2026 and 2027, above June's path, as the FOMC raised rates by a quarter point.
- [Hawkish Fed Raises Rates to 3.75%-4% in Unanimous September Vote](https://hawkoreview.com/hawkish-fed-september-rate-hike/) (2026-09-16): A hawkish Fed raised the federal funds range a quarter point on Sept. 16, 2026, and new projections put the 2026 median rate at 4.1% and PCE inflation at 3.7%.

## Policies
- [About and ownership](https://hawkoreview.com/about/)
- [Editorial policy](https://hawkoreview.com/editorial-policy/)
- [Disclaimer](https://hawkoreview.com/disclaimer/)
- [Privacy](https://hawkoreview.com/privacy/)

## Contact
- Corrections and tips: editor@hawkoreview.com