Summers: The Fed Let Us Down 'Quite Badly'

The video discusses whether central banks are being asked too much in the current economic climate, especially after a significant fiscal expansion due to the pandemic. It critiques the central bank's focus in 2021, highlighting its deviation from its primary mandate of price stability by engaging in topics like the environment and social justice. The central bank's past mistakes, particularly in forecasting and policy accommodation, have led to a loss of credibility. The video also questions the plausibility of recent economic forecasts, suggesting issues with groupthink within the Open Market Committee.

In what ways did the central bank's focus shift in 2021, according to the speaker?

What does the term 'group think' refer to in the context of the Open Market Committee's predictions?