Is Euphoria a moral hazard?

Lance Roberts has a piece called Not Seeing Signs of Market Exuberance? Look Closer. He talks about the psychology of gamblers to expect winning even when the news is bad. He makes the connection to the stock market that traders keep pushing the market higher in spite of less-than-good news.

He then makes the connection to how monetary policy has encouraged the psychology of traders to expect more gains when bad news appears.

“The actions by the Federal Reserve to suppress interest rates and inject liquidity into the system have most definitely tilted the current “odds of winning” into the player’s favor.”

Did the Fed run the danger of moral hazard for a couple of years by building the foundation for euphoria in the stock market?