Dovish

Favoring easier monetary policy — lower rates — to support jobs and growth.

A dovish central banker leans toward lower interest rates and looser money, accepting somewhat higher inflation risk to support employment and growth. Doves emphasize the damage tight policy does to workers and borrowers; hawks emphasize the corrosion of inflation. Markets rally on dovish surprises: hints of rate cuts make bonds, stocks, and gold jump. Most policymakers shift between the camps as conditions change — yesterday's hawk becomes today's dove when unemployment climbs.

Traders read the removal of the phrase 'further tightening' as dovish and immediately priced in a spring rate cut.