The context for interpreting the meaning of the passage is
set in the confession of Peter.
Matthew 16:13-17
When Jesus went into the region of Caesarea Philippi
he asked his disciples, "Who do people say that the
Son of Man is?" They replied, "Some say John the
Baptist, others Elijah, still others Jeremiah or one of
the prophets." He said to them, "But who do you say
that I am?" Simon Peter said in reply, "You are the
Messiah, the Son of the living God." Jesus said to him
in reply, "Blessed are you, Simon son of Jonah. For
flesh and blood has not revealed this to you, but my
heavenly Father."