But now that they’re no longer doing it, the future result is an open question.
Though I disagree that inflating certain classes of asset prices qualifies as “stability” — what goes up quickly is more likely to come down.
Stability would have been a continuation of the gradual increase seen till about 1995, not the violent sawtooth cycles peaking in ~2000, ~2007, and ??? since then, with both downward legs being much faster than the upward legs.
What we’ve had since the mid-90s has been (deliberate?) instability. If you think otherwise, you’re barking delusional. Or just using an extremely limited time scale.
