Hawkish

Favoring tighter monetary policy — higher rates — to keep inflation down.

A hawkish central banker prioritizes fighting inflation over boosting growth, leaning toward higher interest rates and tighter money. The label matters because markets parse every official's speech for leanings: a hawkish surprise in a statement can send bond yields up and stocks down within seconds. Policymakers' vocabulary is graded on the hawk-dove scale so closely that analysts publish 'hawkometers' scoring each phrase of central bank communication.

The governor's hawkish speech, hinting at two more rate hikes, pushed the currency to a six-month high.