The central banks can not set fiscal policy. The central banks work to respond to fiscal policy. If the fiscal policy is very passive that is a capital policy. If the fiscal policy is very active that is usually an industrial policy. The US is now geared fiscally. The UK needs to work on creating an industrial fiscal policy.
I can not understand the comments on the calls. I take it as being short the calls. ML takes it as being long. I think it is over complex compared to timing the market well. Is the concept with the calls edging into a straddle of sorts? I am not getting it.