Keep in mind the mandate is price stability, not interest rate stability. And anyway, targeting a static, transparent, openly published interest rate is very s

Keep in mind the mandate is price stability, not interest rate stability. And anyway, targeting a static, transparent, openly published interest rate is very stable, at least when they are actually able to do it for extended periods. It's very predictable, which businesses need to plan and forecast future hiring and investment. Volker targeting [whatever it takes to kill inflation, eg 20%+] and Bernanke targeting [whatever it takes to prevent a Depression, eg 0%] maybe not so much, but at those times their mandate was even moreso price and economic stability, not interest rate stabilty. The fact that 2% interest rates cause currency devaluation over time doesn't make it unstable, it's still quite predictable and hence stable. It's high-variance money and assets, like cryptocurrencies among other things, that are unstable (at least right now in their infancy, I'm sure that will be different 10-20yrs from now).