Christina Romer, Former Chair of the President's Council of Economic Advisors, and Brian Sack, Former Executive VP of the Federal Reserve Bank of New York, discuss the Federal Reserve's upcoming 2025 review of its monetary policy framework. They explore how the challenges of the past few years, such as COVID-19 and supply chain issues, have impacted policy effectiveness. The conversation highlights the need for adaptable strategies, critiques previous inflation responses, and suggests improvements in communication and implementation for future monetary policy.