Q: What does "With monitoring editor for decision" mean?

Once a manuscript arrives at the journal's office, the editor-in-chief assigns it to a monitoring editor for evaluation, or sometimes, evaluates it himself or herself. After evaluating a manuscript thoroughly, the monitoring editor decides if it should be sent for peer review and then eventually identifies and invites reviewers.

The current status indicates that your manuscript is being evaluated by the monitoring editor. If he/she finds your research novel, interesting, and compelling, he may decide to send it for peer review. If the editor invites potential reviewers, the status will change to “reviewers invited” or “reviewers assigned.”  

Related reading:

• What does the status change from "With editor" to "With managing editor" indicate?
• Are "editor invited" and "editor assigned" actually the same as "with editor?"