Don’t Bet on Rates Rising in 2022. Here’s Why.

Now that Jerome Powell has been nominated to a second term as Federal Reserve chairman, markets think they know what they are getting. They might be mistaken.

In picking Powell, President Joe Biden gave investors what they wanted: a central-bank head they know, like, and believe they can count on to act as a type of mystical dove, at once leaving monetary policy ultraloose while maintaining price stability. But a reality check is in order.

There…