Economists' eyes are fixed on the March jobs report being released on Friday with some hope of more signs that inflation is slowing. However, no matter what the results, chances are that there are still more interest rates ahead, according to a Federal Reserve insider.

One factor the Fed watches with special consideration is jobs—how many are created, how many open, how wages change. More jobs and higher wages they assume to be increased pressure on inflation because more people have more money to spend. That's greater demand which should evoke higher prices. The Federal Reserve has made abundantly clear that until it saw enough signs in the economy to show that inflation was truly on the path to the institution's 2% average goal, the pressure through high interest rates would remain.

Friday's jobs numbers come on the heels of the February JOLTS government report. It showed the number of job openings to have decreased to 9.9 million by the end of that month, though, at 4.0 million, the number of quits "edged up," as the Bureau of Labor Statistics put it.