Everybody is afraid to take the booze away, even though nearly everybody at the party is stumbling drunk already.
Inflation can be dealt with. Deflation is a real risk and monetary policy may not work well against deflation. Currently there is no playback against deflation. The cost of energy is dropping and this is deflationary because energy is an input to virtually everything. AI will lead to efficiencies that will also have a deflationary effect. Central banks may be forced to keep rates low for much longer than people think.