There are three scenarios:
SBD Prices go up => More rewards, more SBD needed, we hit the 2% limit sooner and start converting SBD to STEEM at an abysmal rate. SBD increases in value quickly

SBD Prices stay the same => Current condition

SBD Prices drop => We are printing less SBD. So less SBD overall and no STEEM printing. SBD maintains its value.

How dramatic the change depends on the market. We have doubled overnight before.