Demand and asset prices will surge once there is a medical response to the COVID pandemic

In the aftermath of the COVID crisis, we are seeing: A very large amount of money held by economic agents as a result of forced savings during the lockdown; Massive liquidity provided by central banks, which financed the fiscal deficits that maintained economic agents' income (and therefore allowed for forced savings). Once there is a medical response to the COVID (either drugs or vaccine), we should expect: A surge in consumption and in housing purchases, due to the use of forced savings; A very sharp rise in asset prices (equities, corporate bonds, real estate, etc.) as part of the excess liquidity will be invested in risky assets again when risk aversion falls. So there will be a drastic positive shock, a demand shock, to financial markets once a medical response to COVID is available, which could be fairly soon .