Why dividing central bankers into hawks and doves misses the big picture

Reducing central bankers to caricatures risks missing the big picture. These days, policy makers have to be more nimble

Central bankers have long been categorized as hawks, who prefer higher borrowing costs to keep a lid on inflation, or doves, who favor lower rates to juice growth. In normal times, these depictions help investors and observers know roughly what to expect policy-wise. But these are far from normal times, and such caricatures are more distracting than enlightening. 
 

Consider India. Last week, the Reserve Bank continued to hold rates steady, as it has since mid-2020. When Prime Minister Narendra Modi’s government replaced half of the six-member panel in October, the lineup was widely judged to be more dovish. This was