My thinking around this is based around numbers.
A month ago, the DAO had an average daily rewards issuance of ca 11k KLIMA. Currently, we are at ca 20k and keeping the current APY for another month, we will be at ca 32k.
A month ago, the average bonding price (across BCT and the two LPs) was ca 40, today we are at 17. The bond price has narrowed as Klima in $ was 4x where it is today and BCT is pretty much flat.
Using these, we can use the DAO PnL accounting to figure out how much KLIMA it will need to mint in order to sustain these levels. For all of you non-crypto people (like me), think of the rebases as the main "cost" item of the DAO.
A month ago, we needed ca $60k daily inflow to sustain the 11k KLIMA rebase rewards. Today we need $111k to support the 20k. All else equal (avg bonding price stays at 17), we would need $178k in a month to sustain the 32k needed. If bond price falls to 10, we'd need $187k, if it goes back to 40, we'd need $171k. If you take the calculation 2 months ahead when the DAO would need 50k KLIMA daily for rebase rewards, at current BCT prices, we'd need demand for $278k instead of $111, or 2.5x increase. At the proposed 8,000% APY, if they started today, we'd be at 41k rebase reward needed.
In case you are wondering why the range, it varies as the DAO issues a lower number of KLIMA, the higher the bonding discount is, meaning also the 10% DAO cut is nominally lower (it is all denominated in KLIMA). Given 1 KLIMA = 1 BCT for the purposes of the DAO calc, you need to add a lower number of KLIMA on top of the rebase need in order to figure out the number of BCT needed. The opposite dynamic happens when the bonding price goes down. Please also bear in mind that all the calcs above show just the money needed to support rebases, ie if we get here, the backing ratio will be 1x compared to the current 5.4x.
For example, yesterday the DAO managed to attract ca $640k, meaning this would have been enough to support 50k rebases in two months at the cost of decreased backing ratio of 1.7x. All else equal, at 41k rebases, the backing ratio would be 2x.
So my thoughts are: can the DAO wait 2 months - I believe yes, even longer IF the current activity continues, which is obviously a big IF. I can be wrong, but it looks to me like the policy team is trying to adjust the APY to be more towards the middle of the 2-30k range (as shown on the roadmap picture). One question is why this is done at 1.7mn KLIMA issued when the range is 1-10mn so we are toward the beginning. Maybe so that we can stay in this phase for longer. These are all trade offs. The timing does seem optically bad given the price action so it depends on the holding period. I hope to stay in Klima much longer than a few months so the additional 2 months at 28k would be nice, but not so detrimental longer-term.
Obviously, for the DAO to reach its desired goals, it has to survive and managing the cost side is important for stability and sustainability. For me, much more important is to work on the revenue side where the DAO needs to make a LOT of progress this year.
Anyway, just my 2 cents.