As Markets Hit New Highs, Hard to Imagine Three Weeks Ago Everyone Was Panicked About the Brexit

It was about three weeks ago that markets were reeling following the UK's Brexit vote. Since then, the UK got a new prime minister, the Bank of England hinted of more stimulus to come, and U.S. markets rallied to record highs as bond yields globally fell. 'We think a lot of the warnings particularly from independent people, like the IMF, before Brexit were really painting too dark a scenario,' said Neil Dwane, global strategist for Allianz Global Investors. 'We do expect consumption to slow a little, probably investment to slow. But really the UK shouldn't fall into a recession.' Dwane said he agrees with the Bank of England's decision Thursday to add more stimulus to the economy if needed. Kristina Hooper, U.S. investment strategist for Allianz, added that she sees the U.S. Federal Reserve on a parallel track with the Bank of England. 'They are looking to see what happens, and they are very closely scrutinizing the interim periods between the Fed meetings.' Low interest rates will continue to push investors into equities, according to the experts from Allianz. TheStreet's Rhonda Schaffler has details from Wall Street.