Federal Reserve says interest rate hike unlikely, still focused on stubborn inflation

Federal Reserve Chair Jerome Powell has all but ruled out a rate hike this year, but was coy on the chances of big cuts to interest this year. He pointed to stubborn inflation as the cause. His statement comes as many major chains release their first quarter figures, showing consumers pulling back from spending at chains a little as inflation bites.

Ali Velshi, MSNBC anchor and chief economic correspondent, joins host Peter O'Dowd for more.