Inflation rates are going to rise and with them, so will their countermeasures — interest rates — although Americans shouldn't fret, says Abby Joseph Cohen, a Goldman Sachs strategist.

"I believe we’ve seen the bottom of inflation, I believe we've seen the bottom of interest rates," Cohen tells CNBC.

"But that doesn’t mean we’re about to see a dramatic upward step anytime soon."

Abby Joseph Cohen (file photo)

U.S. economic data is currently "a little bit messy," she says, but in the long term "we believe the U.S. economy is growing. We don't see a recession anywhere on the horizon."

Focusing on long-term company fundamentals and economic news "always trumps the short-term noise" of current events, Cohen says.

"I’m not saying to be blind to short-term news, but not to over-react to it," she adds.

The U.S. economy has recovered enough from the Great Recession that the Federal Reserve is planning an end to its loose monetary policy as well as its era of low interest rates — near zero since December 2008, according to minutes of the Fed's Open Market Committee meeting in March.

On top of improving economic activity at home, continued unrest in the Middle East is pushing up global oil prices, which can potentially pull overall prices up with them here in the United States.

"To mitigate such risks, participants agreed that the committee would continue its planning for the eventual exit from the current, exceptionally accommodative stance of monetary policy," according to the minutes, the AFP reports.

However, Fed authorities would not agree on a time frame for any sort of adjustments to monetary policy.

While some members "indicated that economic conditions might warrant a move toward less-accommodative monetary policy this year," a few others "noted that exceptional policy accommodation could be appropriate beyond 2011," the minutes show.