Here’s everything to expect from the Fed’s policy announcement Wednesday

The Federal Reserve meeting will most likely conclude Wednesday with the central bank not doing a whole lot of anything — just the way the market wants things for now.

There’s virtually no chance policymakers will make a move either way on interest rates. Recent data has bought Fed officials time to decide their next step. Inflation, while decelerating, is still too high, and the economy is growing at a solid pace despite the highest benchmark interest rates since the early part of the century.

What investors will watch, instead, are the signals that come from Chair Jerome Powell and the rest of the Federal Open Market Committee about where they’re leaning for the future.

“There’s no likelihood that the Fed will do anything here. It wouldn’t make sense at this meeting. But, what is the messaging?” said Josh Emanuel, chief investment strategist at Wilshire. “My sense is that Powell is going to want to be very measured and careful about sounding too hawkish. He’s managed to thread the needle here very well.”

Despite the chair’s efforts to walk a line between holding tough against inflation while being attuned to the impact higher interest rates have on the economy, markets have been sensitive.

Though looking stronger this week, stocks have been reeling through the past two months, while Treasury yields have been hovering around 16-year highs — dating back to the early days of the financial crisis.

With much of those fears have centered around how much higher rates could go, and how long the Fed will keep them elevated, Powell’s post-meeting news conference, as well as the FOMC statement, could move markets.

“The last thing Powell wants to do here is make a mistake and come across as too hawkish, because the implication of that as you could see a risk-off environment. You’ve already started to see a little bit of a technical…