We've not yet lost all our graces
The hounds will stay in chains

from Lorde – Team Lyrics on Rap Genius


Continuing with the Queen Bee persona, the “hounds” are a metaphor for Lorde’s vindictive, vicious side. While she doesn’t like to show that side of her often, but she will if she needs to.

She’s feeling graceful, so she’s not going to release them- at least not today.

People of power are often portrayed as having attack hounds in popular media. Lorde extends this royal persona by her use of we which was first popularised by Queen Victoria.

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