Before we get to the debt ceiling trade, we would like to replay an important point of ours. The relationship between case counts and hospitalizations has clearly weakened in countries with a solid vaccination program. We are aware of the less compelling data from e.g. Florida and South Carolina, but authorities find that 90-95% of all hospitalizations happen among unvaccinated, so we guess it is easy to pinpoint the issue. The big question is if the authorities will re-introduce restrictions during the Autumn as the Delta-variant otherwise risks spreading too fast among unvaccinated leading to a big spike in ... (full story)