Cullen is correct in that Miran laid out an understandable argument for lowering rates. And it is because of the detail he gave that he CAN BE criticized. And, yes, I, too, have issues with his argument. BUt before we get to that, let's give him props the for the detail and transperency. Too many other Fed officials provide a conclusion and a couple of platitudes and leave us guessing as to how they arrived at that conclusion.(Jim Bianco)