Despite all the volatility and news of this year, and all those tweets and US-China trade tensions, the S&P500 is back to within 1 per cent of its recent record high and the ASX All Ordinaries is within 2 per cent of its all-time high. We are witnessing the thirteenth round of US-China trade negotiations with the hope of a conceptual agreement to be met. Yields have reverted higher over the past weeks, gold has fallen back, the Chinese stimulus is filtering through now and the European Central Bank announces additional stimulus. Can further monetary policy, conventional or unconventional, continue to stimulate growth in economies? And at what point does the effect become harmful?