We have been talking about a phrase, from American baseball, that is not used in England. Is this another one? From today's Wall Street Journal editorials:
What the Fed should be watching is less real GDP than real prices, and this is where the Fed took its eye off the ball by staying too loose for too long.
I think it's much more common to say "Keep your eye on the ball," rather than to say to take your eye off the ball. I am not sure I've heard the latter.