Elevated inflation will likely delay interest rate cuts this year; economic analyst expert explains what it means for you [Video]

WASHINGTON — The most recent jobs report suggests the U.S. is doing well, even with interest rates at a 23-year high and concerns about rising inflation.

Mark Hamrick, a senior economic analyst for Bankrate, joined ABC7 on Wednesday. He helped make sense of the current state of the economy and explained how it could affect money and plans for the future.

The full interview can be viewed in the player above.

Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates.

“Recent data have clearly not given us greater confidence” that inflation is coming fully under control and “instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion at the Wilson Center.

“If higher inflation does persist,” he said, “we …