The Treasury’s Fix Is Feeble. Our Financial Hole Is Deep.

By Geng Ngarmboonanant

Mr. Ngarmboonanant is a managing director at J.P. Morgan and was a deputy chief of staff to Treasury secretary Janet Yellen.

Propping up the yen. Buying back U.S. debt. Americans might wonder: What is the Treasury Department doing?

Over the past month, it has made some unusual moves to tamp down an alarming surge in interest rates. The global history of maneuvers like these suggests that they rarely work on their own — and can often be worse than doing nothing.

To be sure, the government has good........

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