When no bonds are offered/bought, there are no OHM mints as a result of bonds, no OHM mints to bonders means no dilution to holders, therefor no OHM emissions are needed to holders to cover dilution from bonds since no dilution is occurring from bonds.
Idea is to set emission to the minimum of our current emissions tier which would not conflict with OIP 18. Soon as reserve bonds would be re-activated, emissions (APY) would increase in order to proportionately cover the OHM that is minted to bonders.
Next when IB are available, no OHM is minted via them, on the contrary OHM will be burnt via them, same thing no OHM emissions needed to cover dilution since no OHM is being minted to IB bonders.
When we are not taking in reserve bonds and we are emitting OHM we are just breaking up the same cookie into smaller pieces, rather than adding cookies to the jar - in respect to backing/ohm.
I don't think Policy intend to issue any more reserve bonds until we get back above backing/ohm and definitely they will not be issuing reserve bonds when we will be trading below liquid backing, at bottom of current emission's tier (0.1186%) our backing/ohm will be eroding by that 0.1186% every rebase as no revenue will be coming in.
So to attempt to answer your concern from my view point, I would envision OHM emissions to adjust quite reactively, not ramp up/down over weeks, more so adjust in relation to reserve bonds that are sold and OHM that is minted via them - as an anti-dilution hedge to holders.
High "fixed/predictable" APY was our focal marketing point more so, unfortunately, than ohm’s main objective of being a reserve currency to the greater market (what i mean is a vast number of investors came for the APY not for the reserve currency vision).
At this point our main focus should be to get the past 4 months constant sell pressure under control, stabilize price and get it trending in the other direction. That is the needed foundation for us to build back from and attract fresh capital. No better marketing then price go up or at least price no go down every day would be a good start.
We’d still be getting some 400-500% apy - while reseve bonds inactive + while IB active. Road to recovery and to regain market confidence could take a couple months. We need to assert and validate the fundamental that our liquid backing = soft floor defended by ohmies with the support of the treasury. To prove itself to the market in order for new investors to come around.
I understand your point how do we get out of bottom of current emissions tier & inverse bond territory? the way i see it is our liquid backing/ohm will increase after each inverse bond (more than emissions will chip away at our backing/ohm), which will act as a rising floor until ohm can fly on its own again.
If the market sees that the downside is limited and upside is in steady growth mode, fresh capital will come back in, but that will not happen overnight.