President Donald Trump announced that Kevin Warsh will be the next Chair of the Federal Reserve.

Before getting into what this could mean, a quick refresher on two animals you’ll often hear about when people talk Fed policy: hawks and doves.

In Fed-speak, a hawk is someone who prioritizes fighting inflation over supporting economic growth. Hawkish policymakers tend to favor higher interest rates and tighter monetary policy, even if it slows the economy, to keep inflation under control.

A dove, on the other hand, places more emphasis on economic growth and employment. Dovish policymakers are generally more willing to cut rates or keep policy looser, even if inflation is still a concern.

Warsh is a former Fed Governor and is generally viewed as more of a hawk, which may seem surprising given Trump has been very clear that he wants interest rates lower. That said, it’s hard to imagine Warsh getting the job if he and Trump weren’t aligned—at least broadly—on the direction of policy.

The bond market didn’t react much to the announcement, although rates are slightly higher today. Overall, this appears to be a well-received pick, and one the markets are comfortable with.

The new Fed Chair won’t officially take over until May.