I think we need to clear the $1M flop auctions - then we can revisit monetary policy. While important I don’t think it is as pressing as getting the flop auctions reset.
Something Kurt did not point out is that with this flop auction Executive vote we can set a day/time for these to go off.
I honestly would like to see these fire off around 9am EST on Friday but that means a thursday executive passing pretty quickly. Otherwise I think based on the limited feedback in the CC we should set the time for 9am EST Monday.
Hence I voted for single Friday executive since there is nothing absolutely pressing in monetary policy to my mind on rates except to lower SCD DC from 20-15M.
Does anyone think that we need to bundle in anything else that is non-contentous into this executive. The only thing I want to see simply because I want it done is the SCD DC lowered from 20-15M anything with SF’s can wai a week since SF rates otherwise are basically near/at rock bottom. As to debt limits we are seeing some additional minting in ETH-A.
PEG is high but this could be due to other factors. I know a few people will probably want to lower USDC SF to encourage more printing but honestly I want that facility as an emergency measure. If anything I want the SF to go up slightly to force people to find other better ways to unwind their DAI short positions. The key reason I did was because I considered 20% somewhat high rate. Now if I wanted to mint some to participate in a flip I’d do it in a heart beat even at 20%. I really don’t want to encourage more rate arb people to get into a trap they might not easily be able to get out of. A high USDC SF rate does that. Notice these players are immune to liquidation since there is no OSM and other technical reasons (but could be fixed). I honestly would at least like to see a USDC/DAI OSM price oracle put up.