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Federal Reserve officials have held interest rates at 5.3 percent, more than a two-decade high, for a full year. And as those borrowing costs weigh on growth and the labor market, policymakers are facing increasing political pressure to cut them.Central bankers are keeping rates high to make it more expensive to borrow for big purchases and business expansions. As high rates gradually cool demand, they should in theory weaken the job market and soften business conditions more broadly, making it harder for companies to raise prices — and eventually reining in inflation.But using high rates to cool inflation is an unpleasant process. High borrowing costs make it tough for young families to buy houses and expensive for people who carry credit card balances to keep up with interest payments. Over time, they can lead …
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