Here’s everything the Fed is expected to do Wednesday

As often has been the case, this week’s Federal Reserve meeting will be less about what policymakers are doing now than what they expect to be doing in the future.

In the now, there’s virtually no chance the U.S. central bank will choose to raise its benchmark borrowing rate. Markets are pricing in just a 1% chance of what would be the 12th hike since March 2022, according to CME Group data.

But this week’s meeting, which concludes Wednesday, will feature the Fed’s quarterly update on what it expects for...