Hawkish / dovish(Hawkish / dovish)
The tone of central bank language: hawkish = in favour of tight monetary policy (higher rates), dovish = in favour of loose policy (lower rates).
Also written as: şahin · güvercin
The same rate decision can produce opposite market reactions depending on the tone of the statement: rates held steady, but the sentence "further hikes may be needed" counts as a hawkish surprise.
What matters for a trader is not the absolute tone but the change relative to expectations: if the market already expects a hawkish stance, a hawkish statement may not generate any move.
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Where it appears in the guides
Guides whose text uses this term; most frequent first.