The Fed wasn't targeting the stock market either. That only happened in 1929 and 1999. In late 1999 and early 2000 it was already clear the economy was slowing on its own. Do you know why?
You might also want to look at price levels in 1989 and 1994. The situation was very different in 1999. The dollar was already very strong and commodities were making multi year lows. Raising the rates made no sense, unless he was attacking the stock market (though it still made no sense).
The Special Liquidity Facilty also had the promise that the Fed would buy all sorts of securities in order to keep the financial system afloat. Not only did it make the dollar a safe haven for Y2K but also stocks and and other financial instruments. I don't think it's a coincidence that the steepest part of the bubble occured as soon as the facility was announced (October 1999). Even though it didn't have to be used it had the effect of a gigantic rate cut.
I most certainly don't and I am waiting for your blessed testimony. By the way, how do you know what the Fed is "targeting" at any point in time? I have personally known some of the pr economists on Wall Street who get paid millions to figure that out. I guess you could do it for, what, a couple a hundred a year? LOL!
The Special Liquidity Facility was a last resort if zero interest rates couldn't stimulate the economy. The Fed would buy longer term securities from the banking system flushing cash through the system. At the time I thought it was incredibly open and forthright of the Fed to publicly announce this.