Narayana Kocherlakota Confuses "Must Lead to" with "Is the Result of"

Admittedly, this is a hard thing to do--the kind of thing that requires a highly trained incapacity--but Narayana has managed to do it when he writes:

over the long run, a low fed funds rate must lead to consistent—but low—levels of deflation...

The claim is completely correct--but only when you replace "must lead to" with "is the result of."

It is the kind of thing that listening to Frank Fisher and Andreu Mas-Colell on stability of general equilibrium permanently...