The current feed price is $0.40 and hasn't moved much over the last few days even though the price of Steem dropped much lower. This is due to a mechanism to prevent too much SBD conversions at a very low steem price. Imagine people can convert all their SBD at $0.10. This would create 10 new Steem for each SBD resulting in a high inflation which in turn would crash the steem price even more.