At this ratio, Steem liquid rewards are being paid out fully with SBD, not liquid Steem. I still believe that SBD printing should only happen below 5% as before, but it's good to see the Steem network functioning as normal again. Will be interesting to see how long it lasts. With Steem Dollars below $1 in price, we should expect to see a lot of conversions, which means more liquid Steem alongside the Steemit powerdown.
The 9% printing limit may result in a new normal where we teeter back and forth between fully printing SBD's and being in the 'haircut zone' where SBD's don't pay out in full. This undermines SBD and arguably the financial soundness of Steem itself.