The Federal Reserve’s two-day policy meeting this week may be the calm before the storm. The central bank is unlikely to start raising short-term interest rates before September at the earliest. Chairwoman Janet Yellen is not holding a press conference and the Fed won’t release updated economic projections. But officials may drop fresh clues about the economy’s trajectory and, by extension, the outlook for policy. Here are five things to watch when the Fed issues its policy statement Wednesday at 2 p.m. EDT.

#1: Rates on...