Americans Learned a Lesson About Interest Rates. Washington Has Not.

Congress and President Joe Biden's administration seem unaware that rising interest rates are about as "transitory" as they told us inflation would be—meaning, likely to be around for quite a while. Why does this matter? Ask someone who's been enticed by a mortgage with a variable interest rate that starts low and then rises quickly when conditions change.

Over the past month, yields on 10-year notes have risen sharply to 4.8 percent, well above the prevailing rate over the past 16 years. Meanwhile, two-year Treasuries are paying a 5.2 percent...