This week is Jerome Powell’s penultimate meeting as chairman of the Fed—don’t expect him to drop Wall Street many hints

In a matter of months, a new face will stand behind the lectern at the U.S. Federal Reserve, following the meeting of its rate-setting committee. Jerome Powell has (in all likelihood) only got a few press conferences left before his term as central bank chairman ends—an event he may increasingly be looking forward to.

With Powell’s term due to end in May (unless delayed by a legal back-and-forth arising out of a Department of Justice investigation), the chairman will lead the Federal Open...