Dovish pivot.
When a central bank shifts from raising rates to cutting them, or signaling it will.
Shows up in Fed, ECB, BoJ coverage.
Why it matters: Repositions equity, bond, and currency markets simultaneously.
Technical and plain English.
Dovish pivot. A shift in central bank policy stance from hawkish (restrictive monetary policy via higher rates to combat inflation) to dovish (accommodative policy via cuts or holds to support employment and growth). Typically signaled through forward guidance changes in FOMC statements, dot plot revisions, and shifts in presser tone. Markets react quickly: equities rally, bond yields decline, the dollar typically weakens.
The Fed (or any central bank) stops trying to slow the economy and starts trying to support it. Hawks want high rates to kill inflation. Doves want low rates to keep people employed. A "pivot" is when the Fed switches sides. Stocks go up. Bonds go up. The dollar goes down. Everyone watches Powell's eyebrows for clues.
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