Definition
Hawkish means leaning toward higher rates to fight inflation. Dovish means leaning toward lower rates to support jobs and growth.
The story
Hawks worry most about prices; doves worry most about jobs. At the Oct 28 meeting, the two dissenters wanted a hike, the hawkish side. After the September hike, one strategist called the Fed "more hawkish than expected" (LPL's Roach, via Kitco), meaning it sounded more ready to keep raising rates than people thought.
Why markets watch it
A hawkish surprise can lift yields and weigh on stocks and gold; a dovish one can do the reverse.
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We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms