I consider increasing the Fed's balance sheet by 10x to working exactly against the mandate of keeping the value of money steady. How else might that action be interpreted?
However, in contrast to your explanation, I understand the Fed's mandate to be "promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates"
> I consider increasing the Fed's balance sheet by 10x to working exactly against the mandate of keeping the value of money steady. How else might that action be interpreted?
If they don't do it, there will be a lot of deflation. With it there won't be as much. So the money printing is making prices more stable. (There will probably still be some deflation unless they go further, which they should.)
However, in contrast to your explanation, I understand the Fed's mandate to be "promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates"