Watch what they say, not what they do, at the Federal Open Market Committee meeting this coming week. The obverse of the famous advice from Richard Nixon’s attorney general, John Mitchell, is what economists and market participants will be doing on Wednesday, when the panel is likely to lay out policy plans, but is unlikely to take any immediate action.
To be sure, stock and bond markets have started 2022 by adjusting to the reality of a less accommodative Federal Reserve monetary policy ahead. The benchmark 10-year Treasury…