New Delhi, June 14 -- Watch what they say-and don't say-not what they do.

That inversion of a Nixon-era statement seems especially apt for the meeting of the Federal Open Market Committee this coming week, which will be the first for Kevin Warsh as chairman of the Federal Reserve. The one prediction that can be made with certainty is that the policy-setting panel will make no change in the central bank's key policy rate range, currently 3.50% to 3.75%.

Other key aspects to emerge from the confab could show points of contention within the FOMC. There could be dissents in the wording of its policy statement, as there has been at every recent meeting since last June, mostly (but not all) calling for more aggressive rate-cutting action. But...