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The sometimes-conflicting messages suggest that Powell has sought to balance competing demands from hawks and doves on the Fed’s interest-rate setting committee.

The meeting this week "will likely set the stage for a ... period where hawks and doves duke it out over the June policy decision," said Joe Brusuelas, chief U.S. economist at RSM.

Both hawks and doves in policy circles in Seoul will have reason to feel disappointed by the Washington Declaration, which “neither signals a push for dialogue with Pyongyang nor promises Seoul getting a nuclear deterrent of its own,” said John Delury, an East Asia scholar at Yonsei University in Seoul.

"The view that labor markets remain too tight is the consensus shared by both hawks and doves," Tim Duy, chief U.S. economist at SGH Macro Advisors, wrote following the release on Wednesday of minutes from the December meeting that he felt showed the Fed "willing to bear the costs" of forcing the unemployment rate higher.

So there isn’t a stark divide between fiscal hawks and doves in the Republican caucus—it’s more of a spectrum.