Forget the Fed. Biden’s $1.8 Trillion Plan Is What Matters.

It’s Fed day on Wall Street but Chairman Jerome Powell is likely to be a bit player on Wednesday.

The Federal Open Market Committee, the one that sets short-term interest rates, will issue a statement Wednesday afternoon. In the past, it was a must-watch event—like the Oscars. Like this year’s Oscars, it can be skipped.

It’s not that the...