When a precise date is known for the availability of a COVID vaccine, share prices will soar

Uncertainty related to health, economic and political issues is still very high, and yet stock market indices have already recovered sharply, and PERs are well above their pre-crisis levels. It is clear that this is explained by the abundant liquidity created by central banks and the long-term real interest rates, which will be negative for a long time as central banks switch to yield curve control. When uncertainty declines (precise date known for the availability of a vaccine, greater visibility on 2021-2022 growth), then these same monetary conditions will lead to a surge in sh are price s.