How to reproduce:
1. Download attached project file and open "test" Scene
2. Enter Play Mode and try to edit New Timeline -> Recorded Root Transform

Expected result: By setting the "Root Transform" setting of Animation Clip, the result should match.
Actual result: Animation Clip was created inside the Timeline with blue and then set the created Animation Clip to red. Changing for example Root Transform Position Y Based Uppon from "Origin" to "Center Of Mass", the same Animation is playing but getting different result

Reproduced with: 2017.1.0p5, 2017.1.1f1, 2017.2.0b10, 2017.3.0a7
Not reproduced with: 2017.1.0f1, 2017.1.0f3, 2017.1.0p2

Regression since: 2017.1.0p3