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Tetra Images/Getty Images(NEW YORK) For months, the Federal Reserve has forecasted interest rate cuts that would deliver much-needed relief for Americans burdened by high mortgage and credit card loans.At a press conference this week, however, Fed Chair Jerome Powell cast doubt on whether those rate cuts would arrive after all, saying the Fed needs to “gain greater confidence” that inflation is headed toward an acceptable level.The prospect of high interest rates for a longer period of time could exacerbate the financial pain already imposed by elevated borrowing costs, making loans expensive even as consumers still weather elevated prices, experts told ABC News.Americans with savings accounts and other cash funds will continue to benefit from solid returns, though they tend to be well-off people, the experts added.“Everyday people are suffering the most,” James Cox, a financial adviser and managing partner of Virginia-based Harris Financial Group, told ABC News. “Not only

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