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This might refer to the categories of "hawks" and "doves". A hawk is a person who is more likely to want to go to war. So "hawkish elements" refers to those people or ideas which advocate military action.

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What is dovish and hawkish in relation to the stock market?

The definition of hawkish is this: it is an aggressive stance. Just as a hawk is aggressive in hunting its prey, being hawkish relates to the aggressive stance taken with regard to the topic. For example, if there is a threat of high inflation, to describe the reserve bank of a country being hawkish in any official statement may mean they are leaning towards a stronger action such as favouring an increase in interest rates to dampen high inflation. The antonym (opposite) to hawkish is dovish, so it is a non-aggressive, cautious stance.


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