What will happen to equities and credit spreads when the uncertainty subsides?

There is currently major uncertainty over the health situation, the economy and the trajectory of unemployment and bankruptcies. Yet equity valuation is already significantly higher than before the COVID crisis, which can be linked to the abundance of liquidity created by central banks. This means that when the uncertainty subsides (once unemployment and bankruptcies have peaked, once there is a known date for an available vaccine), equity markets will soar and credit spreads will tighten considerably. This could happen from the first half of 2021. The real bull market is yet to come.