What the operating posture was in Q4 2016

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 Dec 30, 2016. 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 Q4 2016.

• Expand100% · 3 of 3

Posture changes inside Q4 2016

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

Signals of record

• Policy base rate (1M)0.44%
• US Treasury 2Y1.20%
• US Treasury 10Y2.45%
• Yield curve slope (10Y - 2Y)1.25%

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

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What is the posture now?

Q4 2016 is a closed record. The current call, what to do this week, and what would flip it live on the weekly brief.