Fed's inflation target has long and 'bumpy road' ahead: Economist

While the Federal Reserve's target inflation rate remains at 2%, rising auto prices and energy costs present the biggest challenges to cooling inflation in the short term. Annex Wealth Management Chief Economist Brian Jacobsen joins Yahoo Finance to explain why it may be a long time until the Fed finally achieves its target rate, especially if a "protracted" government shutdown becomes a reality.

Jacobsen explains why "it's really consumer spending" — which has slowed in the third quarter of 2023 — that will be the biggest "pain" in realizing the Fed's ultimate inflation goal.