You're welcome. It was a surprise to me, at first, too. I was completely expecting SBD conversion to be inflation-neutral, since there's no change in value. The good news is, I'm pretty sure that conversions have now dropped off enough to bring inflation down to more reasonable levels..

I don't really think the subsequent price movements had much to do with inflation, though. I think that's just driven by external market conditions. The ratio between STEEM and HIVE stayed pretty stable for the whole time.