The Bank of England went full headless chook* on Thursday,

PIMCO says Nah:

  • Near-term uncertainty is high, but we think risks are skewed to a more shallow recession than what the BoE is forecasting.
  • Falling energy and commodity prices, as the market is discounting for next year, should eventually moderate the real income squeeze.
  • And the BoE does not incorporate any new fiscal stimulus, which we believe remains a possibility for next year.

* This is an Australian expression, in a nutshell, to panic.