Here’s everything the Fed is expected to do Wednesday

This week’s Federal Reserve meeting is likely to mark a substantial turning point for policymakers who have spent the past two years battling runaway inflation.

That there’s virtually no chance central bank policymakers will vote to raise rates is beside the point: What is likely to occur when the Federal Open Market Committee session wraps up Wednesday is a policy turn away from aggressive rate hikes and toward plans for what happens next.

“This would be the third straight meeting where the Fed remained on hold and, in our view, means that...