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 Market Committee (FOMC) meetings this week and in April before stepping aside, likely for Trump nominee Kevin Warsh to take his place.Despite the drama surrounding Powell’s final year leading the Fed, Wall Street isn’t expecting anything particularly surprising from the Powell-led meetings. In the past few months the FOMC has been split over how quickly and steeply rates should be cut—if at all—and recent military action in Iran will do little to firm-up the economic outlook.

Geopolitical tensions have bubbled over since the U.S. and Israel launched strikes in Iran 17 days ago. Since then, oil prices have been........

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