What the operating posture was in Q1 2012

This quarter, operate in Growth Mode mode: scale the strongest plays, invest in growth engines, and keep payback discipline steady. Capital is cheap and risk appetite is healthy. Move quickly to capture share.

Standing guidance: scale the strongest plays, invest in growth engines, and keep payback discipline steady

Closed period ending Mar 30, 2012. This record does not change.

Operating constraints that applied

• •Prioritize speed and distribution over polish.
• •Accept controlled waste to win market share.
• •Invest ahead of demand where signals are strong.

How the period actually split

Derived from 3 monthly readings inside Q1 2012.

• Expand100% · 3 of 3

Posture changes inside Q1 2012

The posture held at Expand for the whole period. No mid-period reversal was recorded.

Signals of record

• Policy base rate (1M)0.05%
• US Treasury 2Y0.33%
• US Treasury 10Y2.23%
• Yield curve slope (10Y - 2Y)1.90%

Source: US Treasury Daily Treasury Yield Curve Rates (via FRED) · View series

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What is the posture now?

Q1 2012 is a closed record. The current call, what to do this week, and what would flip it live on the weekly brief.