So far CAKE emission reductions only ever targeted Farms, which creates an unfairness among CAKE "investors", depending if they have their money staked in Farms or Pools.
The most recent CAKE emission reduction again targets only Farms, and this time by a heavy 44% reduction (from 9 to 4 CAKE/block) while Pools stay untouched again at 10CAKE/Block.
An AMM is running on liquidity, this liquidity is mainly staked in Farms, furthermore 0% of this liquidity is coming from the Pools, yet Pools enjoy a stable/rising APR even with emission reductions, while Farms take the hit on APR/profitability every single time.