Hawkish refers to a negative (high) inflationary outlook and its effects on society. Hawks believe that inflationary pressures are, or will be high enough to sufficiently erode purchasing power, create uncertainty about future prices, and risk hyperinflation- that higher interest rates are desirable.

Hawks generally support higher interest rates, tight fiscal policy, and restrictions in monetary expansion in order to keep inflation rates low.

"Hawkish" is typically used to in the context of describing monetary policy actions and outlooks.

For example, if a central banker were to state that the affects of high agricultural costs are likely to be felt in wider inflationary indices, then those comments would tend to be described as 'hawkish.'

Hawkish is similar to bullish. But where bullish describes an optimistic outlook for an economy or security, hawkishness describes a pessimistic (high) inflationary outlook.

The entomology behind the term comes from the predatorily, high flying and positive symbol of the hawk - as opposed to dove, or dovish.