Monetary policy is made in an increasingly uncertain environment. Join @DanKatzIMF, Emmanuel Moulin of @banquedefrance, Martin Schlegel of @SNB_BNS, and Olayemi Cardoso of @cenbank on Oct. 15 to discuss lessons for effective policymaking and communication.

Monetary Policy Update: Charter Stimulus and Branch Reductions Standard has been incredibly efficient at bringing tokens back into the protocol. Burns are far outpacing issuance and nearly $1M has been deployed into buybacks and ETH-side liquidity. With the upcoming launchpad and liquidity pools, Standard continues to build toward its larger vision. While market conditions and activity on Robinhood Chain are outside the protocol's control, issuance appears to be heading toward another cut to 0.2×, the floor. This is the mechanism working as intended, tightening emissions when market activity slows. However, the protocol's efficiency has allowed it to accumulate a significant surplus of STANDARD through POL fees, putting it in a unique position to support long-term Charter holders despite broader market conditions. As part of this issuance cut, the number of branches available per auction will be reduced to 25, further slowing the growth of future issuance. To reward that long-term commitment, the protocol will also distribute a portion of its accumulated surplus as a one time bonus to eligible existing branches, bringing their payout to the equivalent of approximately 0.7× issuance for that distribution. Eligibility will be limited to Charters that have purchased at least one branch through open-market auctions, demonstrating long-term commitment to the protocol. Claim is live on the site's announcements. The issuance multiplier will still fall to 0.2× and every token distributed will come from what the protocol has already earned.

Monetary policy does not travel only through borrowing costs or the sectors that households touch first. New Dallas Fed research shows it also moves through the web of supplier relationships that ties industries together.