4.0 Capped Inflation Rate
The supply of STEEM shall at most double once per year after the initial issuance.

This is not as accurate as current implementation.
In case when STEEM price dropped too much (which is expected), it's possible that much more STEEMs could be created from existed Steem Dollars by conversion (even don't need to convert because "virtual_supply" will increase anyway), and then more STEEMs be created for rewards, which will lead to higher inflation rate.

//Edit: just noticed there is an exception at the end:

The only exception to this rule is the redemption of Steem Dollars for Steem at the price feed.

So the whole paragraph is correct, but the subtitle as well as the first sentence are misleading. The only exception could impact much.