No, there is nothing to interpret. It is a phrase he spoke whenever he presented his doctrine, which was 100% from the scriptures.
Give your imagination a rest.
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So you accept that when Jesus said "This is my body" and "This is my blood" that the bread and wine were changed into his Body and Blood?
Do you accept that when he said "Do this in remembrance of me" he empowered the Apostles to thus repeat this action and change the bread and wine into the Body and Blood of Christ?
Do you accept that unless we eat his Body and drink his Blood we will have no life in us?
Do you accept that when Jesus breathed on the Apostles and said "Receive the Holy Spirit. Whose sins you forgive are forgiven them, and whose sins you hold bound are retained" he gave his apostles the power to forgive and retain sin?
Do you accept that all those who cry out Lord, Lord will not enter the kingdom of Heaven but those who do the will of the heavenly Father?
Do you accept that "Faith without works is dead"?
Do you accept that the Keys of the Kingdom were given to Peter and that what he loosed on earth is loosed in Heaven and what he held bound on earth is held bound in Heaven?
Do you accept that in addition to Baptism there is the reception of the Holy Spirit through the laying on of hands by the apostles?
Do you accept that other men were installed into the office of the apostles after the death of the original twelve?
Do you accept that within the Church there is a hierarch of offices of episcopoi, presbuteroi and diaconoi that is imparted by the laying on of hands and who have received their authority from the original apostles?
Do you accept that when someone is sick we need call for the presbuteroi of the Church for the anointing with oil which can forgive sins?
This is what the Bible declares and these are all Catholic teachings.