What this means now
Current outlook
Conditions tightening — freeze new commitments and keep spend flexible.
Main pressure
Best early growth stress read in current framework
What would change this
Wrong if
New market expansion
Safe again when
Flip watch: Tightness flips this call if it falls to or below 70.0 (now 90.0). Risk appetite flips this call if it falls to or below 50.0 (now 60.0).