Hawkish and dovish surprises: what did they look like in real time?

A hawkish surprise is a central bank sounding tighter than priced; a dovish one the reverse. The moves are fast, and the lessons are memorable.

Share a recent example:

• the bank, the surprise and the size of the move
• how you were positioned, honestly
• what it taught you about surprise risk

The interest rates guide explains why surprises move markets.