What the operating posture was in Q3 2018

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 Sep 28, 2018. 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 13 weekly readings inside Q3 2018.

• Guarded Expand69% · 9 of 13
• Expand31% · 4 of 13

Posture changes inside Q3 2018

• Jul 13, 2018Expand → Guarded Expand
• Jul 20, 2018Guarded Expand → Expand
• Aug 10, 2018Expand → Guarded Expand

Signals of record

• Policy base rate (1M)2.12%
• US Treasury 2Y2.81%
• US Treasury 10Y3.05%
• Yield curve slope (10Y - 2Y)0.24%

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

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What is the posture now?

Q3 2018 is a closed record. The current call, what to do this week, and what would flip it live on the weekly brief.