There is no short term pain if the Fed keeps pumping when price inflation is presented as reasonably low. So they will pump.
There is no short term pain for the Fed to inject trillions when the previously inflated bubble bursts - as was the case in 2008.
Therefore, no matter the public statements, they will keep pumping. For many reasons, price inflation will remain reasonably low; and as sure as my fingers are typing these words there will come another fantastic bust.
And the Fed will continue to inflate.
The long term cost is in productivity (meaning standard of living improvements), as assets get shifted to the unproductive and unprofitable and away from the productive and profitable. Capital is being destroyed. No one at the Fed cares about the long term costs, and if they did then the politicians would take over the money printing job.
My gut tells me we will be living in such a world for some time. And, some day when push comes to shove, major governments will default outright (and will even allow some further decentralization in Europe) before they allow faith to be lost in regulatory democracy.